EUR/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Unlike the previous currency pair, the EUR/USD cross is only approaching the pattern's upper trend-line and will be ready to test it soon. Not taking into account the present boundaries of the current bearish channel, the Euro has been in the long-term decline versus the Greenback. Therefore, we would not expect the continuation of the upside movement. Moreover, the upper trend-line is strengthened by daily R3 and major level at 1.24, making the bullish idea even less realistic. Meanwhile, both technical indicators on all time-frames are neutral at the moment. Stochastic indicator, however, is sending bearish signals in the short and medium-term, assuming that the pair is overbought.
© Dukascopy Bank SA
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Wed, 10 Dec 2014 08:40:29 GMT

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