Forex Technical Update
The EUR/USD rally took a breather over the 4/13 Asian-European session after it cracked above the 1.32 handle. The 1H chart shows that is dipped to 1.3140. 1.3140-1.3155 was a resistance zone from 4/9 to 4/12. If it can hold as support, we have additional confirmation of upside risk. Other clues include the RSI holding above 40, and preferably push above 70 again, or the bullish momentum would appear weak, and still corrective (which could still be the case for in a bull run toward 1.33). Before 1.33, we have the 1.3250 pivot to monitor.
The daily chart shows a triangle scenario, which has upside to 1.33, and maybe even a little higher like 1.3330. There was a double top that had support at 1.3250, so this can be a pivot to act as resistance and deserves our attention. If it does indeed impede the rally toward 1.33, we can anticipate an eventual break of the triangle to the downside. But for now, triangle support is near 1.3050.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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