The EUR/USD pair has been ranging between the levels of 1.0781 and 1.0672 since the 10th of November 2015.
Earlier in the session today, the pair initially fell down to 1.0672 to subsequently rise and break above the higher level of the channel at 1.0807. The bulls, however, could not withhold their gains. Taking into consideration that there is enough resistance above that level, the pair could be forced to pull back. In the event that the sellers manage to push the price to break below 1.0722, the pair could travel down to 1.0672 and 1.0594 in extension.
Conversely, in the scenario where the buyers keep exerting stronger pressures and the price breaks above 1.0807, the pair could reach 1.0837 and 1.0883 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.