EUR/USD Price Analysis: Back above 1.13, but stuck in a bearish channel on 1H

• EUR/USD has added 45 pips in Asia and is trading above 1.13.
• The immediate bias remains bearish with the pair still stuck in a descending channel. 

EUR/USD is flashing green in Asia but is yet to invalidate a bearish hourly chart setup. 

At press time, the pair is trading at session highs above 1.1320, representing a 0.35% gain on a 24-hour basis. 

Despite the bounce from the overnight low of 1.1275, it is too early to call a revival of the bullish trend from February lows below 1.08, as the pair is still stuck in a bearish channel on the hourly chart. 

A convincing hourly close above 1.1348 would confirm a channel breakout or an end of the pullback from recent highs near 1.15 and open the doors for a re-test of that level. 

Alternatively, if the buyers fail to push through the top end of the channel, a deeper drop toward the 200-hour average, currently placed at 1.12, could be seen. 

Hourly chart

Trend: Bearish

Technical levels