EUR/USD analysis: Breaks pattern
|EUR/USD
The EUR/USD did not continue to trade in the channel down pattern. Namely, after holding for five hours, the upper trend line of the pattern failed and was passed. By the middle of Tuesday's trading hours, the pair had reached the combined resistance of the 100-hour simple moving average and the resistance of the June 7 and 10 low levels near 1.2150.
In the case that the resistance levels near 1.2150 hold, the pair could retreat to the support zone of the June low levels in the 1.2095/1.2105 zone. Afterwards, the weekly S1 simple pivot point at 1.2062 could be reached.
On the other hand, a potential surge above 1.2150 would immediately face the resistance of the 200-hour simple moving average at 1.2157. Above the SMA, the weekly R1 simple pivot point at 1.2188 could provide resistance.
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