EURUSD traded narrowly last week in what was almost entirely sideways market action between 1.10 and 1.09. Nonetheless, the pair has traced out an ascending channel formation on the daily timeframe (chart shown below).

Thus, the first support zone to the downside is 1.0950 – 1.0970, where the support line of this channel is located. A break below this zone will open the way for a deeper move down toward the support at 1.0750. The 1.05 zone is the next support zone lower and the key one at the current juncture.

To the upside, resistance is at the highs around 1.1050. But if that doesn’t hold, then the next resistance higher is at the 1.12 zone.