EUR/USD declines in channel pattern

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


The EUR/USD currency exchange rate has revealed that throughout December it has traded in a channel down pattern. Meanwhile, the pair was ignoring the support and resistance of the 50, 100 and 200-hour simple moving averages.

On Monday, the rate could find support in the lower trend line of the channel down pattern. Below the trend line, the weekly S1 at 1.2442 might act as support. In addition, note the 1.2435 level, which provided support during the November 30 high volatility that was caused by the head of the US Federal Reserve.

On the other hand, a recovery of the pair might find resistance in the upper trend line of the channel pattern. Above the trend line, the weekly simple pivot point is highly likely set to provide resistance at 1.1313.
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