EUR/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD is poised to decline in the coming days. Although the technical indicators are mixed, there are two falling resistance trend-lines that are highly unlikely to let the bulls to take control of the pair. The immediate supply is supposed to be at 1.1333, where the upper edge of the patter merges with the weekly PP. If the Euro escapes the boundaries of the channel, there is an even stronger resistance zone around 1.1468, where the monthly S3 coincides with the two-month down-trend. Accordingly, the base case scenario is a sell-off down to 1.08, where the pair will meet the 12-year low, with a possibility of short-term rallies at 1.11 (Jan 25 low) and at 1.0987 (weekly S1).
© Dukascopy Bank SA
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