EUR/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD is currently trading in the centre of the emerging channel after confirming the upper bound of the pattern. The bias towards the pair is thus bearish, as the sell-off should extend down to the channel's lower edge. The negative outlook is strengthened by the technical indicators in the four-hour and daily time frames. Once the price drops to 1.0910/00, the bulls are to take over, as this support area is reinforced by the June low and daily S2. The ensuing upward correction within the pattern will be expected to amount to 40-50 pips. Meanwhile, the traders are unable to reach a consensus regarding the Euro—52% of them are long and 48% are short.
© Dukascopy Bank SA
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