EUR/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair has formed a channel down on August 20. At the moment of writing the pair was traded at 1.3162, just 40 pips above the support line. Even though aggregate technical indicators are sending mixed signals, and the number of short and long positions is almost equal, we might suggest the pair is struggling for direction. Nevertheless, if the pair reaches the support line, it would be interpreted as always as a "sell" signal. Moreover, the pair is likely to struggle to break 1.33 area, as it is represented by 200-bar SMA and pattern's resistance. Meaning all previously said, the pair is expected to continue channelling down.
© Dukascopy Bank SA
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