The EURUSD pair rose sharply during Tuesday's session as sentiment improved on global markets. Let's check the technical situation of the main currency pair.
Looking at the daily interval the pair for the first time in a long time, broke above the long-term descending channel, which is marked with blue dotted lines. This is the first sign of a seller's weakness, and if the current sentiment prevails, there is a chance of exceeding the psychological level of 1.0000. In such a scenario, the upward correction could become stronger. Nevertheless, at the moment, the above-mentioned parity level should be treated as the key resistance. Let us recall that at this point the price dynamically turned back at the beginning of the month, but the sellers did not manage to set new minimums.
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EURUSD interval D1. Source: xStation5
As for the H1 interval, the upward move accelerated in the afternoon and the pair is approaching the major resistance zone around 0.9980 - 1.0000 which is marked with 161.8% retracement of the last local downward wave. The area marked in green should act as a first line of resistance. Should break higher occur , upward move may accelerate as there are certainly many stop orders above the parity level.
EURUSD interval H1. Source: xStation5
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