EURUSD Analysis: Is expected to decline

EURUSD

After the recent fundamental events and releases a broader review of the EUR/USD currency pair was conducted on Thursday. Namely, all previous patterns were deleted and a fresh look was taken at the situation to capture the new fundamental information.

It was discovered that the currency pair is trading in massive scale descending pattern, in which there exists a long term ascending channel. In the medium pattern a descent is taking place in a channel down pattern. 

Meanwhile, note that recently the pair bounced into a strong resistance cluster, and it has almost no support down to the 1.1640 mark.

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.1828
    2. R2 1.1794
    3. R1 1.1734
  1. PP 1.17
    1. S1 1.1639
    2. S2 1.1605
    3. S3 1.1544

 

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.