EUR/USD: Trading within an upside channel of sorts

EUR/USD Wednesday's four-hour chart is painting a marginally improving picture for the bulls, according to FXStreet’s analyst Yohay Elam.

Key quotes

“The series of higher highs and higher lows is bullish, but the moves are limited and the currency pair is trading below the 50, 100, and 200 Simple Moving Averages on the four-hour chart.”

“Support awaits at 1.08, where the uptrend support line hits the price. It is followed by 1.0785, which was a swing low earlier this week, and followed closely by 1.0765, May's low.”

“Resistance awaits at 1.0855, which was a recent cap and where the 50 and 200 SMAs converge. The stubborn 1.0890 cap and 1.0925 are next.”