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.
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
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.
