EUR/USD Price Analysis: Bulls are approaching the 0.9660 barrier inside the weekly triangle

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  • EUR/USD is moving higher inside a 3-day symmetrical triangle, maintaining the rebound from the 20-year low.
  • RSI and MACD point to a further recovery, but the one-week resistance line adds to the bullish screens.
  • Sellers could quickly jump back in if there is a clear break of 0.9600.

The EUR/USD pair renews its intraday high around 0.9650 at the start of the European session on Tuesday, breaking a five-day downtrend and as buyers hold the reins inside a short-term triangle.

With MACD and RSI conditions favoring the pair’s rebound from a two-decade low, EUR/USD buyers are likely to clear the immediate hurdle around 0.9660, where the upper line of the established triangle awaits.

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Further up, a descending resistance line from 20th September near 0.9710 is the key for the pair to go further.

Should EUR/USD buyers hold the reins above 0.9710, the possibility of a rally towards the 50% Fibonacci retracement of 20-25 Sep around 0.9810 cannot be ruled out. .

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On the other hand, pullback moves need the breakout of the 0.9600 round level, which also includes the bottom of the established triangle.

After that, a move lower is more likely to refresh the multi-year low. In that case, the latest low near 0.9550 may act as the next break for EUR/USD bears before a six-month descending support line around 0.9470 at time of writing.

EUR/USD 1 hour chart

eurusd

Trend: Limited upload expected

additional levels

Overview
last price today 0.9643
today daily change 0.0033
Today’s daily variation in % 0.34%
Daily opening today 0.961
Trends
daily SMA20 0.9945
daily SMA50 1.0069
daily SMA100 1.0274
daily SMA200 1.0687
levels
Previous daily high 0.971
Previous Daily Low 0.9553
Previous Weekly High 1.0051
Previous Weekly Low 0.9668
Previous Monthly High 1.0369
Previous Monthly Low 0.9901
Daily Fibonacci of 38.2% 0.9613
Daily Fibonacci of 61.8% 0.965
Daily Pivot Point S1 0.9539
Daily Pivot Point S2 0.9467
Daily Pivot Point S3 0.9382
Daily Pivot Point R1 0.9695
Daily Pivot Point R2 0.9781
Daily Pivot Point R3 0.9852

Source: Fx Street

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