EUR/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Growing speculation the Federal Reserve could start tapering its stimulus programme later this month have pushed the most traded currency pair lower, as demand for the U.S. Dollar rose. At the moment of writing, the pair was trading at the seven-week low– at 1.31 and in case this level will be breached, the next stop could be found at 1.3079– pattern's support and daily support. Even though market sentiment is neutral, and aggregate technical indicators do not give a clear "buy" or "sell" signal, we might suggest the pair would be highly volatile in the nearest future, taking into account the amount of fundamental data. However, Fed's meeting is likely to dominate markets this month.
© Dukascopy Bank SA
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