#EURUSD @ 1.05534 grinds higher inside monthly rising wedge following a two-day winning streak., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- EUR/USD grinds higher inside monthly rising wedge following a two-day winning streak.
- Triangle breakout, firmer oscillators favor bulls, 1.0440 holds the key to rising wedge confirmation.
- 200-SMA acts as the last defense of EUR/USD bulls, May’s high will be in focus past 1.0615.
The pair currently trades last at 1.05534.
The previous day high was 1.0565 while the previous day low was 1.049. The daily 38.2% Fib levels comes at 1.0536, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0518, expected to provide support.
EUR/USD struggles to justify the bullish triangle breakout near 1.0550-55 during early Friday. In doing so, the major currency pair probes the two-day uptrend while staying inside a one-month-old rising wedge bearish chart formation.
Not only the upside break of the weekly triangle’s resistance line but bullish MACD signals and firmer RSI (14) also favor the EUR/USD bulls.
However, the upper line of the stated wedge formation, near 1.0615 by the press time, could challenge the pair’s further upside.
In a case where the EUR/USD crosses the 1.0615 hurdle, highs marked in June and May, around 1.0775 and 1.0785 respectively, could lure the buyers.
On the contrary, the resistance-turned-support line of the immediate triangle, near 1.0525, holds the key for EUR/USD seller’s entry.
Following that, the stated triangle’s bottom and the rising wedge’s lower line, close to 1.0470 and 1.0440 in that order, will be crucial for the pair traders to watch.
Should the EUR/USD price successfully break the 1.0440 support, the 200-SMA level surrounding 1.0230 acts as the last defense of the bulls.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0555 at the time of writing. Pair opened at 1.0556 and is trading with a change of -0.01% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0555 |
| 1 | Today Daily Change | -0.0001 |
| 2 | Today Daily Change % | -0.01% |
| 3 | Today daily open | 1.0556 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0402, 50 SMA 1.0085, 100 SMA @ 1.0062 and 200 SMA @ 1.0355.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0402 |
| 1 | Daily SMA50 | 1.0085 |
| 2 | Daily SMA100 | 1.0062 |
| 3 | Daily SMA200 | 1.0355 |
The previous day high was 1.0565 while the previous day low was 1.049. The daily 38.2% Fib levels comes at 1.0536, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0518, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0508, 1.0461, 1.0433
- Pivot resistance is noted at 1.0584, 1.0612, 1.0659
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0565 |
| Previous Daily Low | 1.0490 |
| Previous Weekly High | 1.0545 |
| Previous Weekly Low | 1.0290 |
| Previous Monthly High | 1.0497 |
| Previous Monthly Low | 0.9730 |
| Daily Fibonacci 38.2% | 1.0536 |
| Daily Fibonacci 61.8% | 1.0518 |
| Daily Pivot Point S1 | 1.0508 |
| Daily Pivot Point S2 | 1.0461 |
| Daily Pivot Point S3 | 1.0433 |
| Daily Pivot Point R1 | 1.0584 |
| Daily Pivot Point R2 | 1.0612 |
| Daily Pivot Point R3 | 1.0659 |
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