EUR/USD technical analysis: Under pressure, 1.1184 is key resistance


  • Breakout in EUR/USD remains elusive despite Friday's bullish candle. 
  • A close above 1.1184 is needed to confirm an inverse head-and-shoulders breakout. 

EUR/USD is reporting marginal losses at press time, marking a weak follow-through to Friday's bullish candle. 

The pair is currently trading at 1.1163, representing a marginal loss on the day. 

The currency pair formed a green candle with a long lower shadow on Friday, signaling dip demand near 1.1128. Essentially, the day had begun with pessimism but ended on a positive note. 

So far, however, Friday's bullish candle has failed to draw bids for the common currency. 

Also, the resistance at 1.1184 is the level to beat for the bulls. A close above that would confirm an inverse head-and-shoulders breakout, as per the daily chart, and create room for a rally to 1.1489 (target as per the measured move method). 

Daily chart

Trend: Bullish above 1.1184

Technical levels

EUR/USD

Overview
Today last price 1.1163
Today Daily Change -0.0004
Today Daily Change % -0.04
Today daily open 1.1166
 
Trends
Daily SMA20 1.1083
Daily SMA50 1.104
Daily SMA100 1.1125
Daily SMA200 1.1198
 
Levels
Previous Daily High 1.1174
Previous Daily Low 1.1128
Previous Weekly High 1.1063
Previous Weekly Low 1.0941
Previous Monthly High 1.118
Previous Monthly Low 1.0879
Daily Fibonacci 38.2% 1.1156
Daily Fibonacci 61.8% 1.1146
Daily Pivot Point S1 1.1138
Daily Pivot Point S2 1.1111
Daily Pivot Point S3 1.1093
Daily Pivot Point R1 1.1183
Daily Pivot Point R2 1.1201
Daily Pivot Point R3 1.1228

 

 

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