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EURUSD stays in a descending price channel

EURUSD stays in the descending price channel on daily chart and remains in downtrend from 1.1616 (May 3, 2016 high). As long as the channel resistance holds, the price action from 1.0340 could be treated as consolidation of the downtrend. Further decline could be expected after the consolidation, and next target would be at 1.0000 area. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.0340 already, then the following upward movement could bring price to 1.1500 area.

EURUSD chart

By ForexCycle.com


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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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