EUR/USD declines in channel pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The EUR/USD has been declining in a channel down pattern since the pair touched the US CPI high on February 10. On Monday, the pair was approaching the 1.1300 mark and the weekly S1 simple pivot point at 1.1289.

If the rate reaches below the weekly S1 simple pivot point at 1.1289, the EUR/USD might look for support in the lower trend line of the channel down pattern. Further below, note the weekly S1 simple pivot point at 1.1227.

On the other hand, a recovery of the Euro against the US Dollar might test the resistance of the channel down pattern, before surging to the cluster of resistance levels near 1.1400. Near the 1.1400 mark the 50, 100 and 200-hour simple moving averages are located together with the weekly simple pivot point.
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Mon, 14 Feb 2022 12:03:36 GMT

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