EUR/USD Price Analysis: Euro confirms the biggest quarterly gain since Q2, 2017

EUR/USD closed the third quarter with a 4.3% gain.
Euro remains suck in a decade-long descending channel.

Omkar Godbole FXStreet Contributor

EUR/USD ended the third quarter with 4.3% gains, the biggest single quarter percentage gain since the April to June period of 2017 when the currency pair rose by 7.14%.

However, despite the impressive quarterly gain, the pair is still trapped in a decade-long bearish channel.

A break above 1.19 is needed to confirm a long-term bullish breakout and allow a re-test of the February 2018 high of 1.2556.

On the downside, the September low of 1.1612 is the level to defend for the bulls. A violation there would shift risk in favor of a drop to the former hurdle-turned-support at 1.1495 (March high).

The pair is currently trading at 1.1725.

3-month chart

Trend: Bearish

Technical levels

1. R3 1.1826
2. R2 1.1791
3. R1 1.1756
PP 1.172
1. S1 1.1685
2. S2 1.165
3. S3 1.1615

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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