1-Hour Chart Analysis:EURUSD
On the 1-hour chart, EUR/USD is currently trading within a descending channel, indicating a downtrend. The price has tested the upper boundary of the channel multiple times (as marked by the red arrows), showing resistance around the 1.0850 level. The lower boundary has acted as support, with the most recent bounce occurring near the 1.0800 level (indicated by the grey arrows).
The RSI is displaying a bullish divergence, suggesting a potential reversal or consolidation phase. A break above the 1.0850 level could lead to a move towards the next resistance level around 1.0880. Alternatively, a breakdown below 1.0800 could see the pair testing lower supports at 1.0750 and 1.0700.
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