EUR/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a short break during on June 9-10, the most traded currency pair resumed depreciating in value. At the moment the Euro is trading near the upper boundary of channel down pattern around the 1.09 mark. The exchange rate's current location raises risks of a steeper decline in the near-term. Moreover, the bearish idea is shared by 4H and daily technical indicators. Therefore, they seem to forecast further losses for the Euro. The closest target for bears is the May 27 low at 1.0819, which is followed by the pattern's support at 1.0808. In the meantime, sentiment among SWFX traders has noticeably improved recently, and now 56% of all open trades are positive.

© Dukascopy Bank SA
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