EUR/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the US Dollar appreciates against the common European currency, the currency exchange rate has formed a descending channel pattern. The rate recently hit the pattern's lower trend line and it is showing signs of a rebound. However, the currency exchange rate previously fell from the pattern's resistance line not due to the fact that the trend line forced the rate to fall, but due to the fact that the Federal Reserve's chairwoman Janet Yellen gave a speech at the Jackson Hole Symposium and clearly announced that at least one rate hike will happen during what is left of the year of 2016. Moreover, there are a lot of resistance levels on the way upwards, and the lower trend line is not strengthened by other support levels.
© Dukascopy Bank SA
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