EUR/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro remains bearish—even after losing 14 cents since the beginning of May. Judging by the trend-lines, EUR/USD is trading within the boundaries of the downward channel since the beginning of August, though the lower trend-line was respected by the market even before that. Right now the currency pair is in a good position to undergo a bullish correction, but the rally should be limited by the resistance at 1.27. Then the bears will be expected to push the price even lower—towards the lower edge of the pattern at 1.25. Nevertheless, the sentiment in the SWXF market is neutral—53% of positions are long and 47% are short.
© Dukascopy Bank SA
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