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EUR/USD Price Analysis: Heading towards 1.0200 within a falling wedge

  • EUR/USD captures new purchases and marks the third consecutive positive day.
  • The successful breakout of the 50 SMA and the bullish signals from the MACD keep buyers hopeful.
  • Breaking above 1.0200 is needed to confirm the bullish chart pattern.
  • The 50 SMA and the weekly support line restrict immediate bearish moves.

The EUR/USD pair refreshes its intraday high around 1.0150 as the bulls extend the three-day uptrend at the start of the European session on Tuesday.

The pair rose to the highest level in a month the day before, before reversing from the resistance line of a nearly two-month-long falling wedge chart pattern. However, the pullback remained above the 50-day SMA, keeping buyers hopeful.

The positive signals from the MACD and the firmness of the RSI (14), not yet overbought, also favor the upward momentum.

However, note that the clear break to the upside of the 1.0200 level is important for EUR/USD bulls as it will confirm the theoretical transition towards the 1.0950 hurdle.

During the rally, the highs made during August and June, respectively near 1.0370 and 1.0615, could test the upward momentum, in addition to the obstacle of the 100 SMA around 1.0335.

Meanwhile, pullback moves could initially target the 50 SMA support near 1.0115, the break of which could lead EUR/USD bears towards a week-old support line near 1.0085 at time of writing. .

Further down, the yearly low near 0.9865 and the lower line of the mentioned wedge near 0.9860 should draw the market’s attention.

EUR/USD daily chart

eurus

Trend: A higher rise is expected

EUR/USD additional levels

Overview
last price today 1.0147
today daily change 0.0024
Today’s daily variation in % 0.24%
Daily opening today 1.0123
Trends
daily SMA20 1.0013
daily SMA50 1.0114
daily SMA100 1,034
daily SMA200 1.0757
levels
Previous daily high 1.0198
Previous Daily Low 1.0043
Previous Weekly High 1.0114
Previous Weekly Low 0.9864
Previous Monthly High 1.0369
Previous Monthly Low 0.9901
Daily Fibonacci of 38.2% 1.0139
Daily Fibonacci of 61.8% 1.0102
Daily Pivot Point S1 1.0044
Daily Pivot Point S2 0.9966
Daily Pivot Point S3 0.989
Daily Pivot Point R1 1.0199
Daily Pivot Point R2 1.0276
Daily Pivot Point R3 1.0354

Source: Fx Street

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