EUR/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having attained a two-year high of 1.3995 early May, the most traded currency couple swung to losses and several days later entered a bearish channel that sent it to a three-month low of 1.3611.
Now EUR/USD is trading slightly below the 50-hour SMA at 1.3640 that prevents the pair from a recovery after a plunge to the recent low. Considering the SWFX data, the instrument may attempt to re-approach the short-term SMA in the hours to come—about 57% of all orders are placed to buy the pair. Meanwhile, technical indicators contradict to this opinion, sending ‘sell' signals for medium and long terms.
© Dukascopy Bank SA
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