EUR/USD bulls eye recovery toward 1.0850

Aayush Jindal TitanFX

Key highlights

EUR/USD started an upside correction above the 1.0720 resistance.
A key rising channel is forming with support near 1.0710 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair was able to climb above the 1.0750 resistance and the 100 simple moving average (red, 4 hours). However, the bears were active near the 1.0785 zone. A high is formed near 1.0787 and the pair is now moving lower.

Immediate support is near the 1.0715 level. The next major support is near the 1.0710 level. There is also a key rising channel forming with support near 1.0710 on the same chart.

If there is a downside break below the 1.0710 support, the pair could decline toward the 1.0640 support. Any more losses might send EUR/USD toward 1.0600.

If there is a fresh increase, the pair could face resistance near 1.0780. The first major resistance is near the 1.0820 level. If there is a move above the 1.0820 resistance, the pair could drift toward 1.0880.

Author

Aayush Jindal

TitanFX

I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.

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