• EUR/USD picks up bids to pierce one-week-old descending channel’s resistance.
• Monthly horizontal resistance lure buyers, receding bearish bias of MACD favors upside moves.
• Sellers to have a bumpy road while refreshing 19-year low.

EUR/USD renews its weekly top to 1.0025 as it defies the eight-day-old bearish trend during the early Thursday morning in Europe.

The upside break of the short-term bearish trend channel also takes clues from the receding bearish bias of the MACD signals and the recent rebound of the RSI (14).

With this, the EUR/USD buyers are on their way to a one-month-long horizontal resistance around 1.0100. However, the 21-DMA near 1.0155 could challenge the major currency pair’s further upside.

It should be noted, however, that the sellers could keep the reins until the quote remains below the monthly high near 1.0370.

Alternatively, pullback moves may need to slip beneath the 0.9990 level to reverse the latest bullish breakout.

Following that, the recently flashed multi-year low near 0.9900 could entertain the EUR/USD bears.

However, the 61.8% Fibonacci Expansion (FE) of the pair’s May-August moves and the stated channel’s support line, respectively near 0.9855 and 0.9815, could challenge the pair’s further downside.

In a case where the EUR/USD seller remains in control after 0.9815, the 78.6% FE and a downward sloping support line from May, close to 0.9700 and 0.9680 in that order, will be important to watch.

EUR/USD: Daily chart

Trend: Further upside expected