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The EUR/USD fell close to 90 pips on Friday, neutralizing the bullish view put forward by the outside-day reversal. That bearish move has established Thursday’s high of 1.1402 as the level to beat for the bulls, that is, the rally from the Nov. 28 low of 1.1267 is seen resuming above 1.1402.

Hourly chart

  • As seen above, the relative strength index (RSI) has breached the falling trendline. Therefore, the spot could soon find acceptance above the 200-hour exponential moving average (EMA) of 1.1354.

Daily chart

  • Over on the daily chart, the pair has established a higher low of 1.1267, validating the falling wedge breakout, witnessed on Nov. 16. The bullish setup would gain credence above 1.1402, in which case, the pair may test the inverse head-and-shoulders neckline of 1.1468.
  • The bears, however, would gain strength if the pair violates the higher low pattern with a move below 1.1267 (Nov. 28 low).

Trend: Cautiously bullish

EUR/USD

Overview:
       Today Last Price:  1.1352
       Today Daily change:  30  pips
       Today Daily change %:  0.265%
       Today Daily Open:  1.1322
Trends:
       Previous Daily SMA20:  1.136
       Previous Daily SMA50:  1.1451
       Previous Daily SMA100:  1.153
       Previous Daily SMA200:  1.1765
Levels:
       Previous Daily High:  1.1402
       Previous Daily Low:  1.1305
       Previous Weekly High:  1.1402
       Previous Weekly Low:  1.1267
       Previous Monthly High:  1.15
       Previous Monthly Low:  1.1216
       Previous Daily Fibonacci 38.2%:  1.1342
       Previous Daily Fibonacci 61.8%:  1.1365
       Previous Daily Pivot Point S1:  1.1284
       Previous Daily Pivot Point S2:  1.1247
       Previous Daily Pivot Point S3:  1.1188
       Previous Daily Pivot Point R1:  1.138
       Previous Daily Pivot Point R2:  1.1439
       Previous Daily Pivot Point R3:  1.1477