EUR/USD: Key pivotal point at 1.0870

The EUR/USD pair managed to rebound from a support marked by the lower end of over one-year-old descending trend-channel. The resistance  ahead of the 1.0870-75 is the point to watch, according to FXStreet’s Haresh Menghani. 

Key quotes

“The attempted recovery faltered ahead of the 1.0870-75 intermediate resistance zone, which should now act as a key pivotal point for short-term traders.”

“A fresh bout of a short-covering move now seems to assist the pair to surpass the 1.0900 round-figure mark. The pair then might aim towards testing an important horizontal resistance near the 1.0955-60 region.”

“On the flip side, bearish traders are likely to wait for a sustained break below the trend-channel support, currently near the 1.0775-70 region.”