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EURUSD stays in descending price channel on 4-hour chart

EURUSD stays in a descending price channel on its 4-hour chart and remains in the downtrend from 1.2029. As long as the price is in the channel, the bounce from 1.1717 could be treated as consolidation of the downtrend. Further decline to test 1.1662 key support would likely be seen after the consolidation. A breakdown below this level could take to the resistance-turned-support trend line on the weekly chart, now at 1.1420. On the other side, a breakout of the top trend line of the channel would indicate that the short term downtrend had completed at 1.1717 already, then the pair would find next resistance level at 1.1940, followed by 1.2092.

EURUSD 4-hour 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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