The EUR/USD has been on a the ascending triangle pattern since late November, though the symmetric triangle appears to be quite a flat one (i.e with a volume less than 200point), but a taking critical look at the price, it reveals the viability of the buyers effort.
The bulls have been giving the bears a tight spot to thrive in slumping the Euro price, since the last rejection at the 1.1200 which technically serve as a psychology level for the buyers. And it held on throughout the rest of 2021, that eventually ended with EUR/USD breaking above the 21, 50 and 200-day SMA (blue, black and purple line) as plotted on the chart.
On a Long-term technical overview - The bulls need to validate their position in the market by furthering their bullish push onward, and this could be ascertain by breaking above the 1.1385 previous resistance zone, this will authenticate their positions and might sentimentally attract more investors into buying more EURO and lose the USD at least till there is any further positive shine on the American Dollar.
The bulls have been giving the bears a tight spot to thrive in slumping the Euro price, since the last rejection at the 1.1200 which technically serve as a psychology level for the buyers. And it held on throughout the rest of 2021, that eventually ended with EUR/USD breaking above the 21, 50 and 200-day SMA (blue, black and purple line) as plotted on the chart.
On a Long-term technical overview - The bulls need to validate their position in the market by furthering their bullish push onward, and this could be ascertain by breaking above the 1.1385 previous resistance zone, this will authenticate their positions and might sentimentally attract more investors into buying more EURO and lose the USD at least till there is any further positive shine on the American Dollar.