EUR/USD: 1-hour
Bounce or break? EUR/USD is currently testing the top of the ascending channel visible on its 1-hour forex chart, still deciding whether to head further north or to move south to the channel support. Stochastic is already in the oversold area, which means that sellers are feeling exhausted and might not have enough energy to take the pair any lower. In addition, the 100 SMA is moving farther away from the 200 SMA, which suggests that buying momentum is picking up. However, if the channel resistance near the 1.1400 major psychological level holds as a strong ceiling, price could retreat towards the channel support at the 1.1250 area or at least until the mid-channel area of interest at 1.1350 and the 100 SMA.
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