Technical Analysis: EURUSD pierces 200-SMA but 1.1350 holds the gate for bulls
EURUSD seesaws around 200-SMA inside a six-week-old symmetrical triangle, suggesting the buyer’s return. However, a clear upside break of 1.1350 becomes necessary for the bulls before knocking the late November swing highs surrounding 1.1380-85. It should be noted, though, that a sustained run-up beyond 1.1385 enables the pair to rally towards November 15 swing high near 1.1465.
On the contrary, pullback moves may aim for 200-SMA near 1.1300 before eyeing the stated symmetrical triangle’s support, near 1.1245. That said, the year-end sluggish markets restrict the pair’s moves past 1.1245, if not then the yearly low of 1.1185 and March 2020 swing high near 1.1150 will be in focus. Following that, the 61.8% Fibonacci Expansion (FE) of November 09-30 moves, close to 1.1120, will be important for the EURUSD bears to watch. To sum up, the bullish consolidation is likely to continue during the final days of 2021.