EUR/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/USD pair has been hovering to the south during the past 286 hours, as it has successfully formed the bearish channel on an hourly chart. The present trading level is located at 1.3114, just below the very considerable resistance level of 1.3417/27, represented by four-hour R2 and R3, daily pivot point and 50-hour SMA. At the same time, despite the strong bullish sentiment of this cross (61%), we expect the pair to continue falling in the boundaries of the pattern. The idea is shared by technical indicators, being that the majority of them send either negative or neutral signals. However, more "buy" signals start to appear on longer time-frames, meaning that in the future the pair may stabilize.
© Dukascopy Bank SA
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