EURUSD Analysis: Channel pattern spotted

On Tuesday morning various additional pieces of information were spotted on the hourly chart for the EUR/USD currency pair. First of all, it is clear that the 1.1140 level is working as a support level, as it has held the line and forced a rebound already twice. Secondly, a short term descending channel has been spotted. In accordance with the channel the pair is set to decline in a 45 degree angle. Meanwhile, regarding the next twenty four hours, the common European currency is highly likely going to surge until it bounced off a resistance level either at 1.1175 or 1.1190. After a bounce off the pair would continue the decline down to the weekly S1, which is located at the 1.1121 level. However, traders should take into account the mentioned 1.1140 level.

EURUSD

 

Interested in EUR/USD technicals? Check out the key levels

    1. R3 1.1226
    2. R2 1.1218
    3. R1 1.1211
  1. PP 1.1203
    1. S1 1.1197
    2. S2 1.1189
    3. S3 1.1182

 

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