EUR/USD breaks and reveals channels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The bounce off from the 1.1000 mark has gained more momentum. The surge has revealed that it is occurring in a channel up pattern that has guided the pair through the resistance of the 1.1100 mark and the upper trend line of the broad channel down pattern.

By late Monday, the rate was finding support in the weekly R1 simple pivot point at 1.1116 and resistance near 1.1135.

A move above 1.1140 is expected to result in the rate testing the resistance of the weekly R2 at 1.1159 and the 1.1160/1.1175 zone. In the case of the rate passing above these levels, the currency pair is bound to test the 1.1190/1.1200 range, which marks the August high levels.

On the other hand, a decline of the Euro against the US Dollar would result in the rate looking for support in the weekly R1 at 1.1116 and the lower trend line of the channel up pattern. If the rate moves below the trend line, it could signal the end of the short term surge. Further below, note that the pair is expected to look for support in the 1.1100 mark and the 50-hour simple moving average. Even further down, note the 100 and 200-hour simple moving averages, the weekly simple pivot point at 1.1059 and the 1.1040/1.1060.
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