EUR/USD Price Analysis: Mildly bid above 1.0800 within bearish channel

EUR/USD grinds higher around intraday top, extends the previous day’s rebound from two-month low.
Clear upside break of 100-DMA, RSI rebound from nearly oversold territory underpin bullish bias for Euro.
12-day-old bearish channel prods Euro bulls before giving them control; 1.0720-15 is the key challenge for bears.

Anil Panchal FXStreet

EUR/USD bulls keep the reins around the intraday high surrounding 1.0825-30 as buyers cheer the upside break of the 100-DMA during Monday’s Asian session. In doing so, the Euro pair stretches the previous day’s recovery moves from the lowest levels in eight weeks while approaching the top line of a fortnight-long descending trend channel.

It’s worth noting that the RSI (14) line’s rebound from nearly oversold conditions joins the EUR/USD pair’s sustained break of the 100-DMA to keep Euro buyers hopeful.

However, a clear upside break of the aforementioned bearish channel’s top line, close to 1.0860, becomes necessary for the bulls to retake control.

Even so, multiple hurdles around 1.0920 and 1.1000 may challenge the EUR/USD buyers before directing them to February’s high of 1.1033. It should be observed that the 1.1095-1100 region appears a tough nut to crack for the Euro bulls past 1.1033.

Meanwhile, EUR/USD sellers may wait for a clear downside break of the 100-DMA support of near 1.0800 for fresh entry.

Following that, the 50% Fibonacci retracement of the pair’s January-April upside, near 1.0790, could lure the EUR/USD bears. Though, a convergence of the previously stated channel’s bottom line and the 61.8% Fibonacci retracement, around 1.0720-15, becomes crucial support to watch for the EUR/USD sellers afterward.

EUR/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.0822
Today Daily Change	0.0018
Today Daily Change %	0.17%
Today daily open	1.0804

Trends
Daily SMA20	1.0952
Daily SMA50	1.0894
Daily SMA100	1.0808
Daily SMA200	1.0467

Levels
Previous Daily High	1.0829
Previous Daily Low	1.076
Previous Weekly High	1.0904
Previous Weekly Low	1.076
Previous Monthly High	1.1095
Previous Monthly Low	1.0788
Daily Fibonacci 38.2%	1.0803
Daily Fibonacci 61.8%	1.0786
Daily Pivot Point S1	1.0766
Daily Pivot Point S2	1.0729
Daily Pivot Point S3	1.0697
Daily Pivot Point R1	1.0835
Daily Pivot Point R2	1.0867
Daily Pivot Point R3	1.0904

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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