Although Breakout-Pullback-Continuation (BPC) formation backs EURUSD bulls inside an eight-day-old rising channel, 200-EMA probes the upside momentum of late. Hence, a clear break of the stated moving average hurdle, near 1.1665 by the press time, becomes necessary to defy the sellers’ hopes. Even so, the upper line of the stated channel, near 1.1700 will be a tough nut to crack for the pair buyers ahead of targeting late September’s swing high near 1.1755.
Meanwhile, a convergence of the nearby channel and previous resistance line from September 03, near 1.1605, becomes the short-term key support for EURUSD sellers to watch during the pair’s further weakness. Should the quote drops below the 1.1605 level, also conquer the 1.1600 threshold, odds of witnessing 1.1560 and the yearly low of 1.1523 on the chart can’t be ruled out.