EUR/USD decline reveals pattern

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


The decline of the EUR/USD has reached the support zone at 1.1040/1.1060. Meanwhile, it has been spotted that the rate has been declining in a channel down pattern.

A continuation of the ongoing decline would have to pass below 1.1040. Further below, the lower trend line of the channel pattern might slow down the pair's descent, before the 1.1000 mark is reached.

On the other hand, a recovery of the Euro against the USD would need to break the pattern's upper trend line and the resistance of the 50-hour simple moving average, prior to reaching the 1.1100/1.1105 zone. Higher above, note the 100 and 200-hour simple moving averages.
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