EUR/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pattern that is currently emerging in the four-hour chart of EUR/USD might be of low quality on the whole, but we are more interested in its upper trend-line, and it implies a strong sell-off next week. Resistance at 1.0950 is reinforced by the weekly R1 and January 4 high, making it a highly unlikely victim of today's potential rally, which is suggested by the four-hour technical indicators. However, at the same time we should note that there is a strong support area between 1.0840 and 1.0810, created by the monthly pivot point and the 200-period SMA. Once the pair is below this zone, the new target will be the lower boundary of the channel at 1.07.
© Dukascopy Bank SA
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