EUR/USD has been trading in a slow downward channel for the past two weeks has turned positive after the negative release of last week US Non-Farm Payrolls. Euro touched Asian session high at 1.1782 in the wake of ECB Sabine Lautenschlager’s remarks on reducing bond purchases and now testing the upper trend line of the descending channel. The pair is currently trading around 1.1773. A decisive break of the today’s session high will lead price to the static resistance area around 1.1820 [H4 100SMA]/35.
Support: 1.1720, 1.1661[Aug.17 low] & 1.1600 [100DMA]
Resistance: 1.1785 & 1.1820/35