EUR/USD reveals descending pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 40% 0.00%
Shorts 60% 60% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Sell Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

On Tuesday morning a classic pattern was spotted on the hourly chart for the EUR/USD currency exchange rate. Namely, a junior descending channel pattern was spotted in the borders of the dominant ascending channel. In accordance with both of the patterns, various scenarios can occur during the next two trading sessions. Moreover, the close proximity of the simple moving averages of the hourly chart makes the situation more complex. However, in general the currency pair is most likely going to surge up to the upper trend line of the junior pattern, and it will be propelled higher by the 200-hour simple moving average. Afterwards the rate should decline down to the support line of the dominant channel.

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