EUR/USD Technical Analysis: ECB headlines help defend ascending trend-channel support

Haresh Menghani FXStreet

• The pair extended this week's rejection slide from a short-term ascending trend-channel resistance and was further weighed down by resurgent USD demand.

• Bulls now seemed struggling to defend the trend-channel support, which if broken decisively might negate prospects for any further up-move.

• The latest headlines about the ECB policymakers' split on the timing of the first rate hike lifts the shared currency and helps the pair to recover around 30-40 pips from session lows.

EUR/USD 4-hourly chart

Spot Rate: 1.1723
Daily High: 1.1746
Daily Low: 1.1695
Trend: Bearish only below trend-channel support

Resistance
R1: 1.1746 (current day swing high)
R2: 1.1800 (round figure mark)
R3: 1.1848 (R3 daily pivot-point)

Support
S1: 1.1702 (S1 daily pivot-point)
S2: 1.1690 (overnight swing low)
S3: 1.1656 (100-period SMA H4)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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