EUR/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD is estimated to continue depreciating in the nearest future, as the pair seems to be receiving strong bearish momentum from the upper boundary of the pattern. Moreover, the trend-line is also reinforced by both daily and weekly pivot points at 1.1265/72. In addition, bearish expectations should arise rapidly, as soon as the 55-hour moving average crosses the same line on a 200-hour time frame, which will mean the general trend of the cross is going to be negative. In case bears take control of the market, they are going to aim at the weekly S1 (1.1141), which is immediately followed by the pattern's support at 1.1120. Meanwhile, 57% of all open positions are short right now.

© Dukascopy Bank SA
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