EUR/USD Price Analysis: Remains directed towards 1.1910 double tops
- EUR/USD keeps short-term bullish chart patterns, reverses the week-start pullback.
- Sustained trading beyond 200-SMA, upbeat RSI adds to the bullish bias.
- Bulls can aim for early June’s low on successful break of double tops.
EUR/USD rebounds to 1.1871 during a sluggish Asian session on Tuesday. In doing so, the major currency pair consolidates the previous day’s losses inside a bullish formation, namely an ascending trend channel since August 20.
Also keeping the pair buyers hopeful is successful trading above 200-SMA and upbeat RSI conditions.
However, double tops marked during late July and on September 03 around 1.1910 becomes the key hurdle to cross for the EUR/USD bulls.
Following that, the upper line of the stated channel, near 1.1920, adds to the upside filters before confirming a theoretical rally towards the early June month’s trough surrounding 1.1.2100.
On the flip side, a clear break of the stated channel’s support line, close to 1.1860 will aim for the mid-August top surrounding 1.1800 ahead of revisiting the 200-SMA level of 1.1790.
In a case where EUR/USD bears remain dominant past 1.1790, the last month’s low, also the yearly bottom, close to 1.1665 may return to the chart.
EUR/USD: Four-hour chart
Trend: Further upside expected