EUR/USD Price Forecast: Holds near 1.1800 after pulling back from three-month highs

EUR/USD trades around 1.1790 during the Asian session on Wednesday, having pulled back from three-month highs, yet maintaining an upward trend. Technical analysis suggests that the pair is moving within an ascending channel, with a persistent bullish bias. The recent price action indicates that EUR/USD has tested the 1.1800 level multiple times, which serves as a critical psychological support. As long as this support holds, the potential for further upward movement increases. Prices are trending along an upward sloping trend line, leading to expectations of a strong rebound in the near term. The market will continue to navigate the interplay between fundamental factors and technical indicators. In particular, upcoming U.S. economic data releases and central bank decisions are likely to impact the trend. The immediate focus should be on a bullish breakout above 1.1800, while treating this level as a support.