EUR/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a failure of the 200-period SMA to underpin the currency pair after a protracted rally that extended up to 1.3417, EUR/USD started to fluctuate between two bearish lines. If the price is subject to either a sharp surge or a decline in the nearest future, they will be encountered at 1.3048 or 1.2971 respectively.
Judging by the technical studies that are mixed and traders' sentiment that is neutral (53% are bears), EUR/USD is likely to continue slowly drifting lower, as it has been doing for the last 86 hours, respecting the boundaries of the pattern.

© Dukascopy Bank SA
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