EUR/USD 4H Chart: Channel down

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Source: Dukascopy Bank
© Dukascopy Bank SA
EUR/USD has formed a Channel Down pattern on the 4H chart, moving down from 1.328 to it's five month low at 1.263 where the pair is currently at. The pattern has 55% quality and 86% magnitude in a 104-bar period. 

The price bounced from the support level at 1.315, then rebounded from 1.328 and slowed near 1.263 level. Short-term bearish trend is confirmed by the Alligator indicator. SMA200 indicator started to decrease after the pair crossed it at 1.3197 level. If the pair rebounds from the support level at 1.2448, the initial target for long traders might be around 1.2640, where the resistance level lies.
 
The RSI indicator is close to 30% level during last few bars and the Stochastic indicator is deeply below its 20% critical level increasing the possibility of pair's recovery. Current market sentiment is 60% bullish, but 1 day time horizon indicators show opposite signals.

© Dukascopy Bank SA
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