EUR/USD Price Analysis: Dives out of a rising channel on hourly chart
|- EUR/USD pulls back to 1.1847, violating a bullish channel pattern.
- The breakdown has exposed former hurdle-turned-support at 1.1831.
EUR/USD is currently trading at 1.1847, having printed a multi-week high of 1.1881 on Wednesday.
The pair has dived out of an hourly chart bullish channel with the pullback, opening the doors for a re-test of the former resistance-turned-support at 1.1831 (Oct. 9 high).
The breakdown is backed by a below-50 or bearish reading on the hourly chart relative strength index.
If the support at 1.1831 is breached, more sellers may join the market, taking the pair down to the 50-day simple moving average located at 1.1797.
Alternatively, a strong bounce from 1.1831 would reinforce Wednesday's bullish close above that level and may yield a move above 1.19.
Hourly chart
Trend: Bearish
Technical levels
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