EUR/USD Technical Analysis: ECB headlines help defend ascending trend-channel support

   •  The pair extended this week's rejection slide from a short-term ascending trend-channel resistance and was further weighed down by resurgent USD demand.

   •  Bulls now seemed struggling to defend the trend-channel support, which if broken decisively might negate prospects for any further up-move.

   •  The latest headlines about the ECB policymakers' split on the timing of the first rate hike lifts the shared currency and helps the pair to recover around 30-40 pips from session lows.

EUR/USD 4-hourly chart

Spot Rate: 1.1723
Daily High: 1.1746
Daily Low: 1.1695
Trend: Bearish only below trend-channel support

Resistance
R1: 1.1746 (current day swing high)
R2: 1.1800 (round figure mark)
R3: 1.1848 (R3 daily pivot-point)

Support
S1: 1.1702 (S1 daily pivot-point)
S2: 1.1690 (overnight swing low)
S3: 1.1656 (100-period SMA H4)