EUR/USD Price Analysis: Bulls flirt with 1.1800 inside short-term rising channel


  • EUR/USD edges higher around three-week top inside bullish chart pattern.
  • Firmer RSI, sustained trading above 200-SMA also favors buyers.
  • 14-day-old horizontal support adds to the downside filters.

EUR/USD treads water around 1.1800 despite refreshing multi-day high at the week’s start. In doing so, the major currency pair remains inside an ascending trend channel formation established since August 20.

In addition to the bullish chart formation, firmer RSI conditions, not overbought, as well as the quote’s ability to remain beyond 200-SMA, suggests further upside of the EUR/USD prices.

That said, the stated channel’s resistance line near 1.1825 offers an immediate upside hurdle to the pair.

Should the EUR/USD bulls reject the channel formation by crossing 1.1825, the August 05 swing high near 1.1855 may offer an intermediate halt during the rally targeting the July 30 peak of 1.1908.

Alternatively, pullback moves will be challenged by 200-SMA and the stated channel’s support line, respectively around 1.1780 and 1.1755.

However, any further weakness past 1.1755 won’t hesitate to revisit the 1.1705–1700 support area established since August 11 before challenging the yearly low of 1.1664.

EUR/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.1798
Today Daily Change 0.0003
Today Daily Change % 0.03%
Today daily open 1.1795
 
Trends
Daily SMA20 1.1764
Daily SMA50 1.1815
Daily SMA100 1.1956
Daily SMA200 1.2006
 
Levels
Previous Daily High 1.1802
Previous Daily Low 1.1735
Previous Weekly High 1.1802
Previous Weekly Low 1.1693
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1777
Daily Fibonacci 61.8% 1.1761
Daily Pivot Point S1 1.1753
Daily Pivot Point S2 1.171
Daily Pivot Point S3 1.1685
Daily Pivot Point R1 1.182
Daily Pivot Point R2 1.1845
Daily Pivot Point R3 1.1887

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains bid and approaches 1.1650 after US data

The persevering selling pressure in the greenback helps EUR/USD advancing to the area of daily highs near 1.1650 on Friday. The data from the US showed on Friday that the economic activity in the private sector continued to expand at a robust pace in early October.

EUR/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing

Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens. 

Read more

Apple talks over battery supplies for EV stall-Reuters

Apple (AAPL) is on a steady move higher ahead of results next week. We have had solid earnings from big names already such as Tesla (TSLA) and Netflix (NFLX), but Apple is the biggest one of all and will be the highlight of the earnings season for many.

Read more

Forex MAJORS

Cryptocurrencies

Signatures