CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the High risk of losing your money.

EUR/USD technical analysis: 200-day MA hurdle scaled for first since May 1, 2018

2019-06-24 09:10

  • EUR/USD confirmed bullish trend with a close above 200-day MA on Friday. 

  • The daily chart shows a bullish higher low, higher high pattern. 

  • Friday's close also confirmed an inverse head-and-shoulders breakout. 

The EUR/USD pair closed above the 200-day moving average (MA) on Friday – the first daily close above the long-term moving average in over 13 months – confirming a bullish breakout. After all, the 200-day MA is widely considered a barometer of the bull/bear market. 

Further, the pair closed well above the June 7 high of 1.1348 on Friday, confirming a bullish higher low, higher high pattern and an inverse head-and-shoulders breakout. 

As a result, the path of least resistance is now on the higher side and the pair could challenge the March 20 high of 1.1448 this week. A break higher would expose 1.1514 (Jan. 31 high). It is worth noting that the inverse head-and-shoulders breakout has opened the doors to 1.16 (target as per the measured move method). 

A close below 1.1348 would neutralize the immediate bullish outlook. As of writing, the pair is trading at 1.1381, the highest level since March 22.

Daily chart

Trend: Bullish

Pivot points


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

Economic news

    Exchange Rates

    GBPUSD -0.03% 1.31373
    EURUSD -0.06% 1.18455
    XAUUSD -0.18% 1921.16
    XTIUSD -0.37% 39.881
    NAS100 -0.36% 11643
    US30 -0.47% 28089.4