The EUR/USD pair is trading at 1.1022 at the time of writing, far above today's low of 1.0933. Technically, the rate maintains a bearish pattern despite the current rally as the rate stands below an important downtrend line.
Fundamentally, the price was boosted by the US Non-Farm Employment Change which was reported at 187K in July versus 205K expected. The EUR/USD pair edged higher even if the US Average Hourly Earnings and Unemployment Rate came in better than expected, while the Eurozone came in worse than expected.
EUR/USD Down Channel!
As you can see on the H1 chart, the rate dropped within a down channel pattern. It has found strong support on the weekly S (1.0920) and now it has reached the pivot point of 1.1040.
It is almost to hit the downtrend line which represents a dynamic resistance. The 1.1047 former high represents an upside obstacle as well.
EUR/USD Forecast!
Jumping, closing, and stabilizing above 1.1047 and above the downtrend line confirms a larger growth and is seen as a buying opportunity.
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