The common European currency passed the long term support against the Japanese Yen almost as soon, as such a move was speculated on Friday. Since then the rate has fluctuated even above the previous support and made two attempts to surge.
However, it failed and instead revealed that there is a clearly spottable descending channel pattern. The pattern was set to guide the currency rate down to the support of the weekly S1, which is located at the 131.86 level.
Although, it is likely going to occur only when the resistance of various hourly SMAs reaches the rate.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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