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EURUSD stays in the downward price channel

EURUSD stays in the downward price channel on daily chart, indicating that the pair remains in downtrend from 1.1616 (May 3, 2016 high), and the rise from 1.0340 could be treated as consolidation of the downtrend. Further rise toward the top of the price channel is still possible in a couple of weeks. As long as the pair stays in the channel, the downtrend could be expected to resume, and another fall to 1.0000 area could be seen after consolidation. Near term support is at 1.0550, a breakdown below this level could signal resumption of the downtrend.

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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