EUR/USD Price Analysis: Short-term rising channel keeps buyers hopeful below 1.1300

  • 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
Daily SMA20 1.126
Daily SMA50 1.1097
Daily SMA100 1.1027
Daily SMA200 1.1046
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



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