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EUR/USD Trades Within Ascending Channel Amid Bullish Momentum


EUR/USD continues to trade within the ascending regression channel established since mid-April. The Relative Strength Index (RSI) on the 4-hour chart remains above 60, indicating a bullish bias.


On the upside, key resistance is found in the 1.0890-1.0900 range, where the Fibonacci 78.6% retracement level of the latest downtrend converges with the upper limit of the ascending channel. Should EUR/USD rise above this area and establish it as support, the pair could target 1.0940 (a static level) and 1.0965 (the starting point of the downtrend).

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