- EUR/USD remains positive after breaking a two-week-old descending trend line the previous day.
- Bullish chart pattern joins strong RSI conditions to favor the buyers.
EUR/USD marks 0.15% intraday gains, currently around 1.2275, while keeping the previous day’s upside momentum inside an ascending trend channel formation during Wednesday’s Asian session.
The currency major prints a three-day winning streak amid strong RSI and bullish MACD, which in turn highlights the quote’s strength near the stated channel’s resistance line and the monthly high.
It should, however, be noted that the pair’s ability to cross 1.2275 will refresh the multi-month high flashed earlier while eyeing the April 2018 peak surrounding 1.2415.
During the upside, the 1.2300 threshold can offer an intermediate halt while the March 2018 high of 1.2476 can challenge EUR/USD buyers afterward.
Meanwhile, the previous resistance line, now support, at 1.2230, restricts the pair’s pullback moves ahead of the channel support near 1.2210.
If at all the EUR/USD sellers sneak in around 1.2210, the 1.2200 adds a filter to the downside targeting the mid-month low around 1.2130/25.
EUR/USD four-hour chart
Trend: Bullish
