EUR/USD Channel Support Retest (March 24, 2014)
EUR/USD recently broke below a key support zone around the bottom of the rising channel on the 1-hour time frame and the 1.3800 major psychological level.
EUR/USD recently broke below a key support zone around the bottom of the rising channel on the 1-hour time frame and the 1.3800 major psychological level.
EUR/USD is moving in an uptrend, as seen on its 1-hour time frame. It is making a test of the rising trend line connecting the lows of the price while stochastic is in the oversold zone.
EURUSD’s upward movement from 1.3477 extended to as high as 1.3966.
The EUR/USD pair went back and forth during the session on Monday, as we continue to struggle with the downtrend line that forms the channel going lower from the start of the financial crisis.
The EUR/USD pair fell during the session on Wednesday, but as you can see bounced enough to form a hammer.
EURUSD broke above 1.3773 resistance, indicating that the uptrend from 1.3477 has resumed.
EUR/USD’s recent selloff might soon be over, as the pair formed a double bottom on its 1-hour time frame.
If equity bears are having a tough time at present, euro bears have had a torrid time over the last few years, with each move lower acclaimed as the end of the single currency, which then promptly rises and continues to survive.
The EUR/USD pair went back and forth on Tuesday, ultimately settling into a slightly negative candle.
GBPUSD is testing 1.5894 support, as long as this level holds, the price action from 1.6259 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise to 1.6500 area to complete to upward movement would likely be seen. On the downside, a breakdown below 1.5894 support will suggest that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone