EURUSD – Holding the uptrend, eyes on support reaction

EURUSD continues to move steadily within a clearly defined rising channel. After touching the channel bottom around 1.1305 (which aligns with the 89 EMA), price is showing a slight rebound and has a chance to form the next upward leg.

Technical view: The bullish structure remains intact. As long as price holds this bottom area, there's a high probability of another push toward the resistance zone around 1.1428 – a level that was previously rejected.

News factor: Market sentiment is now focused on upcoming U.S. Core PCE inflation data, which could influence expectations of a Fed rate cut and, in turn, impact the strength of the USD.

Suggested strategy: Favor buying if price holds above 1.1305 – targeting 1.1428. If this level fails, the short-term uptrend may be challenged.