EURUSD Price Analysis: Bulls take a breather on the way to 1.0150

• EURUSD treads water after rising to a two-month high.
• Clear break of 100-DMA, three-month-old descending trend line keeps buyers hopeful.
• Bullish MACD signals, firmer RSI favor buyers to aim for upper line of the short-term bullish channel.

EURUSD seesaws around 1.0075-80, after refreshing a two-month high, as bulls await fresh clues during Wednesday’s Asian session. Even so, the major currency pair remains well on the buyer’s radar inside a bullish chart formation as it crossed the key resistance confluence, now support, the previous day.

A daily closing beyond the convergence of the 100-DMA and a downward-sloping trend line from early August, around 1.0050-40, allowed EURUSD buyers to refresh the multi-day high on Tuesday. The upside moves also gained support from the bullish MACD signals and the RSI (14).

As a result, the quote is likely to remain firmer unless declining back below 1.0040. Even so, the 1.0000 parity level and a joint of the 50-DMA and 21-DMA, close to 0.9880, could challenge the EURUSD bears.

It’s worth noting that the pair’s downside past 0.9880 hinges on a clear rejection of the six-week-old bullish channel, having a support line near 0.9760.

Meanwhile, the aforementioned channel’s resistance line near 1.0150 is an immediate target for the EURUSD buyers ahead of challenging September’s top surrounding 1.0200.

If the major currency pair remains firmer past 1.0200, the odds of witnessing a rally towards the August month high near 1.0370 can’t be ruled out.

EURUSD: Daily chart

Trend: Further upside expected