© Dukascopy Bank SA
The currency pair has been vacillating inside a bearish channel for 112 hours and now it is sitting at the lower limit of the formation that is located near a one-year low of 1.4582. In fact, a stab to this low may be a start of even a sharper decline as the pair may slide below the pattern trend-line. This is confirmed by the SWFX numbers-about two thirds of market players hold short positions.
© Dukascopy Bank SA