EUR/USD Price Analysis: Dives out of a rising channel on hourly chart

• EUR/USD pulls back to 1.1847, violating a bullish channel pattern.
• The breakdown has exposed former hurdle-turned-support at 1.1831.

EUR/USD is currently trading at 1.1847, having printed a multi-week high of 1.1881 on Wednesday.

The pair has dived out of an hourly chart bullish channel with the pullback, opening the doors for a re-test of the former resistance-turned-support at 1.1831 (Oct. 9 high). 

The breakdown is backed by a below-50 or bearish reading on the hourly chart relative strength index. 

If the support at 1.1831 is breached, more sellers may join the market, taking the pair down to the 50-day simple moving average located at 1.1797. 

Alternatively, a strong bounce from 1.1831 would reinforce Wednesday's bullish close above that level and may yield a move above 1.19. 

Hourly chart

Trend: Bearish

Technical levels