- EUR/USD recovers from 1.1265 while respecting a one-week-old ascending trend channel.
- A resistance-turned-support line stretched from June 10 also adds strength to the 1.1265/60 support zone.
- Bulls can eye multiple tops marked since the mid-June during the further upside.
EUR/USD trims the early-day gains while taking rounds to 1.1270/75 amid Wednesday’s Asian session. The major pair recently bounced off an immediate rising channel’s lower line. The support also gains strength from a monthly falling trend line that was once considered a key resistance.
Hence, the buyers may take a risk entry while targeting 1.1300 as an immediate gain point. Though, the major attention will be given to the 1.1345/55 area comprising multiple highs since June 16.
Also likely to hinder the bull’s path will be the said channel’s resistance line, at 1.1375 now, a break of which could quickly break 1.1400 in search of the previous month’s top of 1.1422.
On the downside, a clear break below 1.1265/60 support confluence will have a 100-bar SMA level of 1.1250 as an extra filter before revisiting the 1.1215/20 region including 200-bar SMA.
Though, the pair’s extended fall past-1.1215, might not refrain from attacking June month's bottom of 1.1168.
EUR/USD four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||1.1272|
|Today Daily Change||-1 pip|
|Today Daily Change %||-0.01%|
|Today daily open||1.1273|
|Previous Daily High||1.1332|
|Previous Daily Low||1.1259|
|Previous Weekly High||1.1303|
|Previous Weekly Low||1.1185|
|Previous Monthly High||1.1422|
|Previous Monthly Low||1.1097|
|Daily Fibonacci 38.2%||1.1287|
|Daily Fibonacci 61.8%||1.1304|
|Daily Pivot Point S1||1.1244|
|Daily Pivot Point S2||1.1215|
|Daily Pivot Point S3||1.117|
|Daily Pivot Point R1||1.1318|
|Daily Pivot Point R2||1.1362|
|Daily Pivot Point R3||1.1391|
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.