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EUR/USD rebounded from the support level at 1.3157 forming a channel up pattern on the 4H chart. The formation has 77% quality along with 52% magnitude in a 42-bar period.
The price recovered from its two-month low around 1.2994, then grew to 1.3262, and has slowed near its present support level around 1.3267. The Stochastic indicator touched its overbought level at 80% and bounced off to the 60% value, increasing the possibility of the bearish short-term rebound. If the EUR/USD decreases, the present target for bearish traders could be around 1.3189, where the 200SMA indicator stays.
The present bias remains bullish on the 4h and 1d timeframes, while on 1W chart it is neutral. If the price increases, bulls could pay their attention to the key resistance around 1.3286. If EUR/USD spikes the resistance at 1.3286, the first target could be around 1.3336, near the two-month high.