FxWirePro: EUR/USD heads to test resistance channel as dollar sags
Euro bulls are riding a weak dollar, The chart shows that the EUR/USD pair has been moving in a down-trending channel since the beginning of the year. Channel resistance has so far halted price rise thrice, while floor a…
The chart shows that the EUR/USD pair has been moving in a down-trending channel since the beginning of the year. Channel resistance has so far halted price rise thrice, while floor also supported the price three times.
The last support came last week when EUR/USD bears tested the channel floor on dovish commentary from the European Central Bank (ECB).
Since finding a floor around 1.118 area, the euro has moved higher by 130 pips and trading at 1.131 area.
It is likely that the bulls are heading to test the channel resistance around 1.139 area.
Our calculations suggest that the EUR/USD pair might move above the channel resistance on positive news from Brexit, however, a move above the 1.15 area unlikely.
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