EUR/USD Technical Analysis: Falling trendline breached, corrective bounce likely

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The EUR/USD pair may revisit 1.14 later, having violated key falling trendline soon before press time.  

Hourly chart

  • As seen above, the common currency has just crossed the trendline falling from the Jan. 9 and Jan. 11 highs. The 14-hour relative strength index (RSI) has also moved into bullish territory above 50.00. 
  • That bull breakout validates bearish exhaustion signaled by yesterday’s long-tailed candle. 
  • The pair, therefore, could revisit 1.14 in the run-up to European Central Bank’s (ECB) rate decision. 

Trend: corrective bounce 

EUR/USD

Overview:
    Today Last Price: 1.1366
    Today Daily change: 0.0014 pips
    Today Daily change %: 0.12%
    Today Daily Open: 1.1352
Trends:
    Daily SMA20: 1.1425
    Daily SMA50: 1.139
    Daily SMA100: 1.1458
    Daily SMA200: 1.1594
Levels:
    Previous Daily High: 1.1382
    Previous Daily Low: 1.1336
    Previous Weekly High: 1.1491
    Previous Weekly Low: 1.1353
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1353
    Daily Fibonacci 61.8%: 1.1364
    Daily Pivot Point S1: 1.1332
    Daily Pivot Point S2: 1.1311
    Daily Pivot Point S3: 1.1286
    Daily Pivot Point R1: 1.1377
    Daily Pivot Point R2: 1.1402
    Daily Pivot Point R3: 1.1423

 

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