EUR/USD Price Analysis: Weekly rising channel tames gains beyond 1.1800

EUR/USD seesaws around the week’s top inside short-term bullish chart pattern.
A sustained run-up beyond 200-HMA, bullish MACD favor the buyers.
Sellers will wait for a clear break below 50% Fibonacci retracement for fresh entries.

Anil Panchal FXStreet

EUR/USD picks up the bids near 1.1810, up 0.06% on a day, during Wednesday’s Asian session. The major pair cheers trading beyond 200-HMA amid bullish MACD. However, the resistance-line of an immediate upward sloping trend channel seems to probe the buyers.

As a result, the traders may witness a pullback move towards 1.1750 support should the quote slips under 1.1800. However, a 200-HMA level of 1.1745 and the support line of the aforementioned channel, at 1.1730 now, will keep stopping the bears.

In a case of the pair’s declines below 1.1730, 50% Fibonacci retracement of July 22-31 upside, near 1.1710/05, will be the key as a clear break of the same could aim for July 23 to near 1.1630.

Alternatively, an upside clearance of the channel’s resistance, at 1.1820 now, will attack 1.1860 and 1.1900 levels before targeting the previous month’s peak near 1.1910.

EUR/USD hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.1807
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.1803

Trends
Daily SMA20	1.1556
Daily SMA50	1.1366
Daily SMA100	1.1123
Daily SMA200	1.1096

Levels
Previous Daily High	1.1806
Previous Daily Low	1.1722
Previous Weekly High	1.1909
Previous Weekly Low	1.1642
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1774
Daily Fibonacci 61.8%	1.1754
Daily Pivot Point S1	1.1747
Daily Pivot Point S2	1.1692
Daily Pivot Point S3	1.1663
Daily Pivot Point R1	1.1832
Daily Pivot Point R2	1.1861
Daily Pivot Point R3	1.1917

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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