EUR/USD Price Analysis: Bid near 1.1140 but still trapped in a falling channel

EUR/USD is stuck in a falling channel on the daily chart.
A move through 1.1145 is needed to confirm a bull breakout.

Omkar Godbole FXStreet Contributor

EUR/USD is currently trading at 1.1140, representing marginal gains on the day, having hit a low of 1.1085 on Jan. 10.

On the daily chart, the pair is stuck in a falling channel, as represented by trendlines connecting Dec.31 and Jan. 7 highs and Jan. 3 and Jan. 10 lows.

At press time, the pair is trading within a striking distance from the channel resistance at 1.1145. A convincing move through that level would imply an end of the pullback from recent highs near 1.1240 and will likely bring in a re-test of that level.

On the other hand, a rejection at the falling channel resistance may end up inviting stronger selling pressure, leading to a drop below the Jan. 10 low of 1.1085.

Daily chart

Trend: Bullish above 1.1145

Technical levels

EUR/USD

Overview
Today last price	1.1141
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	1.1138

Trends
Daily SMA20	1.1141
Daily SMA50	1.1092
Daily SMA100	1.1066
Daily SMA200	1.114

Levels
Previous Daily High	1.1147
Previous Daily Low	1.1112
Previous Weekly High	1.1208
Previous Weekly Low	1.1085
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1134
Daily Fibonacci 61.8%	1.1126
Daily Pivot Point S1	1.1118
Daily Pivot Point S2	1.1097
Daily Pivot Point S3	1.1082
Daily Pivot Point R1	1.1153
Daily Pivot Point R2	1.1168
Daily Pivot Point R3	1.1188

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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