EUR/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
The most traded cross took a dip this week, sketching a channel down pattern to guide the motion. With the top it made on the daily chart at 1.0895 on March 27, it appears that EUR/USD is forming a rising wedge on a larger scale. For now, however, we will look for the pair to remain in between the bounds of the channel and target the upper trend-line at 1.0695 at first. Due to the fact that the last wave south did not manage to reach the bottom line of the channel, another short-fall on the downside might send us decent bullish signals in the form of a falling wedge. For now, however, risk is directed to the downside.
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