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EUR/USD Revealed Descending Channel

The EUR/USD currency pair has revealed a medium-term descending channel. Yesterday, the pair reversed north from the lower channel line at 1.1740.

It is likely that the exchange rate could re-test the upper channel line located circa 1.1890 in the nearest future. If the given channel holds, it is likely that a reversal south could follow.

Meanwhile, note that the rate is supported by the 55-, 100– and 200-hour SMAs in the 1.1830 area. Thus, a breakout north could occur, and the pair could target the weekly R1 at 1.1926.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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