After rising to a fresh six-day high of 1.0738 in the American session on Wednesday, EUR/USD reversed its direction and closed the day below 1.0700. T
manage to stage a rebound after the opening bell, the USD could have a hard time preserving its strength and help EUR/USD edge higher.EUR/USD was last seen trading in the upper-half of the descending regression channel. Meanwhile, the Relative Strength Index indicator on the four-hour chart stays slightly above 40, suggesting that the bearish bias stays intact, with a potential of a technical correction in the short term.
On the upside, 1.0670 , upper-limit of the descending channel) aligns as immediate resistance before 1.0700 . A four-hour close above the latter could attract buyers and open the door for an extended recovery toward 1.0740 .falls below that level and starts using it as resistance, 1.0600 and 1.0540 could be set as next bearish targets.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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