EUR/USD Price Analysis: Rises to 1.0850; next barrier at upper boundary of triangle
03.06.2024, 05:47

EUR/USD Price Analysis: Rises to 1.0850; next barrier at upper boundary of triangle

  • The EUR/USD pair could retest the upper boundary of the ascending triangle, followed by a key level of 1.0900.
  • Based on a technical analysis of the daily chart, there appears to be a bullish bias for the pair.
  • Immediate support is observed at the 21-day EMA at 1.0819, followed by the psychological level of 1.0800.

EUR/USD extends its gains for the third straight day, trading around 1.0850 during the Asian session on Monday. A technical analysis of a daily chart suggests a bullish bias for the pair, as it moves upward within the ascending triangle. Additionally, the momentum indicator 14-day Relative Strength Index (RSI) is positioned above the 50 level, confirming a bullish bias.

The EUR/USD pair could retest the upper boundary of the ascending triangle, followed by the psychological level of 1.0900. A breakthrough above the latter could support the pair to explore the region around March’s high of 1.0981.

On the downside, immediate support is seen at the 21-day Exponential Moving Average (EMA) at 1.0819, followed by the psychological level of 1.0800 nearing the lower threshold of the ascending triangle.

If the EUR/USD pair breaks below the lower boundary of the ascending triangle, it could face downward pressure, potentially descending toward the vicinity of the notable level of 1.0700. Additional support is likely to be found at the throwback support level around 1.0601.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price 1.0852
Today Daily Change 0.0004
Today Daily Change % 0.04
Today daily open 1.0848
 
Trends
Daily SMA20 1.0822
Daily SMA50 1.0773
Daily SMA100 1.0808
Daily SMA200 1.0788
 
Levels
Previous Daily High 1.0882
Previous Daily Low 1.0811
Previous Weekly High 1.0889
Previous Weekly Low 1.0788
Previous Monthly High 1.0895
Previous Monthly Low 1.065
Daily Fibonacci 38.2% 1.0855
Daily Fibonacci 61.8% 1.0838
Daily Pivot Point S1 1.0812
Daily Pivot Point S2 1.0776
Daily Pivot Point S3 1.0741
Daily Pivot Point R1 1.0883
Daily Pivot Point R2 1.0918
Daily Pivot Point R3 1.0954

 

 

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