EUR/USD technical analysis: Bulls follow two-week-old ascending channel

EUR/USD pulls back from 61.8% Fibonacci retracement.
Sellers look for entry below 1.0980 comprising channel’s support.

Anil Panchal FXStreet

Despite witnessing a pullback from 61.8% Fibonacci retracement of late-August to September month declines, the EUR/USD pair stays inside a short-term rising channel as it trades near 1.1027 during early Monday.

While horizontal support including early-month highs and Friday’s low, around 1.1000, can please intra-day sellers, pair’s further declines need to slip beneath support-line of the two-week-old rising channel, at 1.0980, in order lure bears targeting 1.0950 and 1.0900 rest-points.

Alternatively, pair’s upside clearance of 61.8% Fibonacci retracement, close to 1.1055, may find it hard to cross channel’s resistance-line at 1.1070 now.

If at all bulls manage to conquer 1.1070, last month’s high near 1.1110 and August 25 top surrounding 1.1165 could become their favorites.

EUR/USD 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price	1.1028
Today Daily Change	-9 pips
Today Daily Change %	-0.08%
Today daily open	1.1037

Trends
Daily SMA20	1.0985
Daily SMA50	1.105
Daily SMA100	1.1143
Daily SMA200	1.1221

Levels
Previous Daily High	1.1063
Previous Daily Low	1.1001
Previous Weekly High	1.1063
Previous Weekly Low	1.0941
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.1039
Daily Fibonacci 61.8%	1.1025
Daily Pivot Point S1	1.1004
Daily Pivot Point S2	1.0972
Daily Pivot Point S3	1.0943
Daily Pivot Point R1	1.1066
Daily Pivot Point R2	1.1095
Daily Pivot Point R3	1.1128

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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