The EUR/USD is attempting a break above the upper edge of the falling wedge at a time when the treasury yields are looking toppy. The wedge breakout, if confirmed, would confirm a bearish-to-bullish trend change.
Daily Chart
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- As can be seen, the pair is chipping away the wedge hurdle of 1.1338. A daily close above that level would confirm a breakout – the sell-off from the September high of 1.1815 has ended and the bulls have regained control.
- The move, if backed by a double bottom bearish reversal in the US 10-year treasury yield, could yield a stronger rally toward 1.1586 (61.8% Fib R of Sept/Nov drop).
Weekly Chart
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- The falling wedge breakout, if confirmed in the daily, would validate the pair’s quick recovery from below 200-week MA of 1.1308. Watch how a similar looking weekly candle in August was followed by a rally to highs above 1.18.
- A convincing close below the 200-week MA today would be bad news for the Euro bulls.
EUR/USD
Overview:
Last Price: 1.1339
Daily change: 7.0 pips
Daily change: 0.0618%
Daily Open: 1.1332
Trends:
Daily SMA20: 1.1379
Daily SMA50: 1.1515
Daily SMA100: 1.1566
Daily SMA200: 1.1819
Levels:
Daily High: 1.1363
Daily Low: 1.1271
Weekly High: 1.15
Weekly Low: 1.1316
Monthly High: 1.1625
Monthly Low: 1.1302
Daily Fibonacci 38.2%: 1.1328
Daily Fibonacci 61.8%: 1.1306
Daily Pivot Point S1: 1.1281
Daily Pivot Point S2: 1.123
Daily Pivot Point S3: 1.1189
Daily Pivot Point R1: 1.1373
Daily Pivot Point R2: 1.1414
Daily Pivot Point R3: 1.1466
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