Overall Trend: Corrective upward move within a descending channel
Indicators:
Short-term moving averages show a bullish crossover.
MACD shows increasing positive momentum.
Analysis:
The pair rebounded from strong support near 1.3280 and managed to break above 1.3330, indicating potential short-term upside toward 1.3380–1.3410.
However, staying below the upper boundary of the descending channel around 1.3470 keeps the medium-term outlook bearish.
Forecast:
Continued recovery toward 1.34, followed by a possible minor pullback if it fails to break the descending channel.
EUR/USD Chart on the hourtly time frame
Overall Trend: Corrective bullish move after a strong decline
Indicators:
Short-term moving averages show a bullish crossover.
Analysis:
The price rebounded from 1.1530 support and is now trading around 1.1620, facing resistance near 1.1640.
A breakout above this level may lead to 1.1680–1.1720, while failure could bring a retest of 1.1570.
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