- 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.
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. .
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
Trend: Limited upload expected
|last price today||0.9643|
|today daily change||0.0033|
|Today’s daily variation in %||0.34%|
|Daily opening today||0.961|
|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