EUR/USD: There is room to fall

Amir Khedri Independent Analyst

As it's obvious, EUR/USD has been fluctuating between a bearish parallel channel and as we explained in our previous article about this pair, 1.12 was a good price to buy, but, for now, it seems that EUR/USD is struggling with a crucial resistance level which is at 1.136. This resistance level has been made by the upper bound of the parallel channel and the median line of Andrew’s pitchfork.

If EUR/USD breaks this resistance level at 1.136, it will rise to 1.15 (the upper bound of the Pitchfork would be the target.) But, if this pair starts to drop, 1.125 (the lower bound of the Pitchfork) would be the target.

Author

Amir Khedri

Independent Analyst

Amir Khedri, the FX market analyst, lives in Tehran (Iran).

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