EUR/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given that EUR/USD is presently trading between two downward-sloping parallel trend-lines, the bias towards the pair is bearish. The negative outlook is also reinforced by the four-hour and daily technical indicators. The Euro is expected to push through the 2004 low at 1.1750 and head towards the lower boundary of the channel at 1.1640, where it merges with the 2005 low and weekly S2. In the meantime, the upside should be limited by the falling resistance line. At the moment it implies strong supply at 1.1820. However, the SWFX market participants seem to be undecided with respect to the pair—52% of open positions are long and 48% are short.
© Dukascopy Bank SA
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