EUR/USD has recently broken above a falling price channel on the 4-hour chart, indicating a shift to an uptrend from the 1.0765 level. The pullback from 1.0945 is likely a corrective consolidation phase within the overall uptrend.
There is a possibility of another rise in the pair to test the 1.0945 level after the consolidation. If there is a breakout above this level, it could potentially trigger a further upside move towards the 1.1065 resistance.
On the downside, the immediate support level lies at 1.0765. Only a break below this level would indicate that the pair remains in a downtrend from 1.1275. In such a case, the next target for support would be around the 1.0700 area.
Monitoring the price action in EUR/USD, particularly in relation to the 1.0945 level and the 1.0765 support level mentioned, will provide traders with important indications of the continuation or potential reversal of the current uptrend.
