Having reached the 1.1840 level on Tuesday, EUR/USD began a decline. In the move downwards, the price eventually reached the support of the 1.1800 level before recovering. Meanwhile, take into account that the pair had shortly fluctuated below the 1.1800 mark.
In general, the zone around the 1.1800 mark appears to be the one where a few reversals happened throughout August 2021. It has been marked on the chart.
In the meantime, it was spotted that the price has been trading in the upward channel since August 19. The most recent bounce off from the 1.1840 mark was consistent with the pattern.
If the price continues to surge, it could once again find resistance at the 1.1840 level and the weekly R1 simple pivot point at 1.1837. Above these levels, the 1.1875 level, where the weekly R2 simple pivot point is located at, might provide resistance.
On the other hand, a potential decline of EUR/USD would look for support in the 1.1795/1.1810 zone, and the lower trend line of the above-said upward channel pattern.
