© Dukascopy Bank
The pair
has formed an upward channel consisting from 80 bars. The price has been moving within a broad channel (74% magnitude) since December 29 and has been capped
twice by a downtrend at 1.5570 and 1.5670. The support line has been formed by
two price reversal points at 1.5362 and 1.5466. Traders might consider these
lines for further profit and loss level evaluation. In case of the channel breakout,
the resistance line will eventually support the following price movements.
© Dukascopy Bank