EUR/USD Bounces off Daily EMA 20

EUR/USD (daily chart as of October 14, 2013) touched a low of 1.3485 on October 9 and a low of 1.3487 on October 10. Both lows were right around the 20-day Exponential Moving Average. Price then turned up yesterday to test the upper edge of a short-term downtrend channel that started back on October 3 (bold red parallel lines on daily chart). Today price tentatively broke out above that channel to test 1.3605 (October 9 high).

The currency pair needs to clear 1.3605 to challenge 1.3645, which is the October 3 high. If price can clear 1.3645, it could invalidate a potential head and shoulders pattern in the making (as shown on 4-hour chart), with the bold green uptrend line as the potential neckline. Current price is testing the upper edge of a very short-term uptrend channel (blue parallel lines on 4-hour chart).

Support levels:
1st support: the lower edge of the short-term uptrend channel
2nd support: 1.3520 (October 11 low)
3rd support: the potential neckline or daily EMA 20

Resistance levels:
1st resistance: 1.3605 (October 9 high)
2nd resistance: 1.3645 (October 3 high)
3rd resistance: 1.3710 (February 1 high)

The September non-farm payrolls report was delayed due to the government shutdown.