Home EUR/USD Technical Analysis: Monday’s gain has opened doors for December highs
FXStreet News

EUR/USD Technical Analysis: Monday’s gain has opened doors for December highs

FX Street
Updated:
  • EUR/USD could revisit the Dec. 31 high of 1.1239. 
  • Monday’s gain confirmed a bullish higher low setup on the daily chart.

EUR/USD is looking north with the daily chart reporting a bullish revival. 

The pair jumped 0.34% on Monday and closed at 1.1197, confirming seller exhaustion signaled by the long tail attached to Friday’s candle. 

Put simply, EUR/USD has carved out a bullish higher low at 1.1125 (Friday’s low). It indicates the pullback from the recent high of 1.1239 has ended and the rally from the Nov. 29 low of 1.0981 has likely resumed. 

The pair, therefore, looks set to re-test the high of 1.1239 reached on Dec. 31. 

At press time, EUR/USD is trading largely unchanged on the day at 1.1196, having tested the 5-day average support of 1.1189 a few minutes before press time. 

Daily chart

Trend: Bullish

Technical levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024