EUR/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro most recently has formed a short term channel down pattern against the US Dollar. However, the general situation of the currency exchange rate is much more complicated, as there are simultaneously active three channels and possibly a triangle formed by various channel lines. First of all on a large scale the currency pair is in a channel up pattern since the Brexit vote, which moved the rate lower, but did not change the general direction of the pair. Other channels are representations of the rates movement in the larger channel. Moreover, the channels have formed a triangle from the larger channel's support and middle term channel's resistance line. All in all, the situations shows that there is about to be a breakout, and it will be most likely to the upside.
© Dukascopy Bank SA
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