EURUSD: Climbs an Ascending Channel – Can Buyers Extend Rally?

Jul 10

Hello everyone, here is my breakdown of the current EURUSD setup.

Market Analysis

EURUSD previously traded inside a range before breaking below support, confirming a bearish shift. After forming a rounding top beneath the long-term descending trendline, price declined into the 1.1400 Support Zone, where buyers stepped in and started a recovery inside an ascending channel.

Currently, EURUSD is trading above the 1.1400 Support Zone while remaining below the 1.1470 Resistance Zone. The recovery continues within the rising channel, with price gradually approaching the key resistance area.

My Scenario & Strategy

As long as EURUSD holds above the 1.1400 Support Zone and respects the ascending channel, the bullish scenario remains valid. A continuation higher could push price toward the 1.1470 Resistance Zone (TP1).

However, if EURUSD breaks below the 1.1400 Support Zone and loses the channel support, the bullish outlook would weaken and sellers could regain control.

That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.

Jul 12

Trade active

So far we can see that the price has dropped to the support zone where the most important moment will be, namely the reaction of buyers.