Market news
19.10.2021, 06:26

EUR/USD Price Analysis: Has room to rise towards 1.1715 amid bullish technical set up

  • EUR/USD is breaking higher from a three-week-old descending triangle on the daily chart.
  • Tuesday’s close is critical to unleashing additional upside towards the 50-DMA at 1.1715.
  • Daily RSI pierces through the midline, recaptures 50.00 and backs more gains.

EUR/USD is consolidating around 1.1650, having staged an impressive bounce from the daily lows of 1.1610, as the pullback in the US dollar amid the risk-on mood underpinned the pair.

The major extends its recovery from 15-month lows of 1.1524 into the fifth straight day on Tuesday, as the bulls remain in complete control.

EUR/USD’s daily chart shows that the price has broken higher from a three-week-old descending triangle formation, although the bulls need a daily closing above the falling trendline resistance at 1.1602 to confirm an upside breakout from the pattern.

The 14-day Relative Strength Index (RSI) has pierced through the midline, now back onto the positive territory, suggesting that there is more room to the upside.

The triangle confirmation will trigger a fresh advance towards the downward-sloping 50-Daily Moving Average (DMA) at 1.1715.

Ahead of that the 1.1700 round number could be a tough nut to crack for the EUR bulls.

EUR/USD: Daily chart

Meanwhile, any retracement will meet the 21-DMA support at 1.1622, below which the triangle resistance now support at 1.1602 would be tested once again.

Further south, Monday’s low of 1.1571 could be threatened if the selling pressure intensifies.

EUR/USD: Additional levels to consider

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location