EUR/USD Price Analysis: Stays inside immediate symmetrical triangle above 1.2200
- EUR/USD prints mild gains while keeping the sideways moves amid holiday-thinned trading.
- Successful run-up beyond 100-bar SMA keeps the buyers hopeful.
EUR/USD picks up bids around 1.2220 during the pre-Tokyo Asian trading session on Tuesday. In doing so, the currency major keeps gains after rising to the one-week high on Monday.
However, a short-term symmetrical triangle formation established since December 17, currently between 1.2190 and 1.2240, restricts the pair’s immediate moves.
It should also be noted that the quote’s ability to stay beyond 100-bar SMA, amid upbeat RSI conditions, favor the EUR/USD bulls.
Hence, present buying targets the bullish formation’s resistance line around 1.2240 before eyeing the monthly top, also the highest since April 2018, near 1.2275.
Meanwhile, a downside break of the stated triangle’s support near 1.2190 needs to pierce off the 100-bar SMA level of 1.2167 to recall EUR/USD sellers.
Also acting as the downside filter is an eight-week-old ascending trend line support, at 1.2178 now.
EUR/USD four-hour chart
Trend: Bullish
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