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EUR/USD consistent beneath Triple top pattern – Eyes on Breakout!


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Eyes on Breakout EUR/USD

The EUR/USD pair is trading with a bullish bias at the 1.1978 level, facing immediate resistance at the 1.1994 level, amid a stronger Euro and weakness within the dollar. At the USD front, the broad-based U.S. dollar did not stop its bearish bias and remained depressed on the day as investors still cheer the upbeat market mood, which makes the safe-haven U.S. dollar weaker.

The U.S. dollar is holding near a 3-week low against a basket of currencies as U.S. bond yields dropped instantly after the Federal Reserve System hinted that interest rates could stay low for extended. Therefore, the losses within the U.S. dollar were seen together as the key factors that help the EUR/USD currency pair to limit its deeper losses. the dollar index that tracks the dollar in opposition to a bucket of different currencies dropped to 91.571.

Apart from this, the rationale for the currency pair’s downside trend might be tied to the US-China tussle, which is getting worse after Beijing’s diplomat from Hong Kong indirectly warned the U.S. Meanwhile, Taiwan eyes strong ties with the U.S. despite China’s renewed criticism. Moreover, Johnson & Johnson’s vaccine stays blacklisted amid blood-clotting issues, probing the upbeat market sentiment and contributing to the currency pair losses.

EUR/USD Technical Levels
Support     Resistance
1.1898        1.1976
1.1849        1.2005
1.1820        1.2053
Pivot Point: 1.1927

EUR/USD – Trade Ideas

The EUR/USD pair is trading with a bullish bias on the 1.1978 stage, dealing with instantaneous resistance at the 1.1994 level. On the four hourly timeframes, the pair has formed an upward channel that’s likely to drive bullish moves until the 1.2105 level. However, before this, the pair must violate the strong resistance level of 1.1994. it's going to find support at the 1.1922 area that’s extended by an upward channel. The MACD and RSI are driving buying trends in EUR/USD; thus, we've entered into the bullish trade today in our Premium Telegram Channel. Let’s target quick 40 pips above the 1.1994 level today.

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