- The RSI on the daily chart of EUR / USD shows a bullish reversal pattern.
- The pair has not yet cleared the hurdle of the 50-day SMA.
The 14-day RSI on EUR / USD has created an inverted shoulder-head-man bullish reversal pattern.
A break to the upside in the RSI would open the doors for a retest of the January high at 1.2349.
The pair has moved within a narrow range defined by the 50-day SMA and the 100-day SMA since February 4.
A close above the 50-day SMA, currently at 1.2150, would shift focus to 1.2349. Meanwhile, a close below the 100-day SMA, currently at 1.20, would confirm a bearish turn. The long-term SMA held firm in early November, after which the EUR / USD pair recorded a big rally from 1.17 to above 1.23.
EUR / USD daily chart
EUR / USD technical levels
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