The EUR/USD pair continues to trade within an ascending channel, where higher lows have supported the recovery path since the low recorded in late June. Although the overall structure remains positive, recent price action has moved toward the channel's support level.
Bollinger Baseline Acts as a Price Pivot
The price is currently trading around the Bollinger Bands baseline (1.1422), which has formed a short-term equilibrium level during the recent consolidation phase. The price's inability to hold above this level has increased short-term negative pressure.
Resistance Remains Near 1.1450
The 1.1450 area continues to act as an upper resistance level, coinciding with the upper Bollinger Band and recent price peaks. Several attempts to breach this level have failed, keeping the pair moving within a limited range inside the ascending channel.
Momentum Slips Below the Neutral Level
The Relative Strength Index (RSI) has dropped to around 44, slipping below the neutral level of 50, reflecting a decline in bullish momentum strength. Although the indicator has not entered oversold territory, it signals that the recent recovery has lost some of its strength.
Support Zone Under Surveillance
The lower boundary of the channel and the 1.1390–1.1400 region have become key support levels to watch closely. Previous price reactions from this zone have helped maintain the sequence of higher lows.
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