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EUR/USD Technical 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. 

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

 

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