EUR/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A high-quality channel down pattern was formed by the most traded FX cross. At the moment we expect the sell-off to strengthen, following a recent bounce off the upper trend-line. First strong support is offered by the weekly S1 at 1.0689, which has already been touched earlier Monday morning. Additional support is the weekly S2 at 1.0604, followed by the pattern's lower edge at 1.0574. Alongside, any rally should be capped by a cluster of resistances at 1.0745/68, with extra help coming from the 200-hour SMA at 1.0783. Meantime, a decline in value of the Euro is shared by technical indicators on 4H and daily time frames, while SWFX market sentiment remains slightly bullish (55%).
© Dukascopy Bank SA
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