EUR/USD Price Analysis: Bulls seek 1.1785 breakout to keep reins

• EUR/USD edges higher after confirming a bullish chart pattern break during a three-day uptrend.
• Descending resistance line from June becomes the key hurdle to the north, bears have multiple levels to meet before retaking the controls.
• Bullish MACD, short-term falling wedge breakout signal further upside, 20-DMA guards immediate rise.

EUR/USD remains firmer around 1.1760 following a three-day run-up to the weekly top amid Wednesday’s Asian session. In doing so, the major currency pair keeps Tuesday’s break of the falling wedge bullish chart pattern’s resistance line below 20-DMA, as well as the resistance line of a broader wedge formation.

Given the bullish MACD and confirmation of a short-term wedge, EUR/USD is up for further rise towards the immediate hurdle, 20-DMA near 1.1775.

However, a downward sloping trend line from June 01, forming part of a multi-day-old falling wedge bullish chart pattern, around 1.1785, becomes crucial.

Should EUR/USD bulls manage to cross the 1.1785 hurdle on a daily closing basis, the 1.1800 threshold may act as a validation point before reversing the downtrend.

Alternatively, the recently broke previous resistance line, now support around 1.1715, could restrict the quote’s pullback moves ahead of the 1.1700 round figure.

In a case where EUR/USD bears dominate past 1.1700, the lower lines of the stated wedges, respectively around 1.1665 and 1.1650, will challenge the pair’s further downside.

EUR/USD: Daily chart

Trend: Further upside expected