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

Overview
Today last price 1.1272
Today Daily Change -1 pip
Today Daily Change % -0.01%
Today daily open 1.1273
 
Trends
Daily SMA20 1.126
Daily SMA50 1.1097
Daily SMA100 1.1027
Daily SMA200 1.1046
 
Levels
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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD holds above 1.30 as UK Q2 GDP falls 20.4%

GBP/USD is on the back foot, trading closer to 1.30 amid dollar strength. UK Q2 GDP fell by 20.4%, within expectations. The devastating drop was priced in by markets.

GBP/USD News

Gold completes $200 collapse, trades below $1,900

Gold remains under immense pressure, trading below $1,900 after the biggest rout in seven years. Profit-taking and higher US yields weigh on the precious metal. US inflation figures are eyed.

Gold News

EUR/USD pressured toward 1.17 amid higher US yields

EUR/USD is falling toward 1.17 as US bond yields rise amid the US fiscal impasse and ahead of US inflation figures. Coronavirus headlines and eurozone industrial output are also in play.

EUR/USD News

Forex Today: Gold sell-off extends, dollar reigns supreme amid fiscal impasse, ahead of data

US bond yields are on the rise, supporting the recovering dollar and contributing to a sell-off in precious metals. The lack of progress in US fiscal talks and the increase in America's coronavirus deaths are among the depressing factors. US CPI is eyed.

Read more

WTI: Big move looks overdue

WTI could soon witness a big move in either direction. That’s because, the spread between Bollinger bands – volatility indicators placed 2 standard deviations above and below the 20-day simple moving average of price - has narrowed ...

Oil News

Forex MAJORS

Cryptocurrencies

Signatures