EUR/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most popular currency pair, EUR/USD, has been in a sharp down-trend since mid-July and on Jul 18 the instrument hit a five-month low of 1.3492 located at the lower limit of the 136-bar long channel down pattern. After bottoming out at the this low, the pair managed to pare losses and now is fluctuating near the short-term SMA at 1.3524. If the pair prolongs its winning streak, it is likely to attain the upper trend-line of the formation, a jump above which may lead to a breakout. However, market players are not so confident in pair's ability to perform a rally – only 53% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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