The common European currency, as it was expected, broke the junior channel down pattern against the Pound. However, since the last review, more developments have taken place.
First of all the currency exchange rate has revealed a medium term channel up pattern. The channel is very wide, and this volatility is excellent for short term traders that would like to cash in on larger moves.
Most recently the pair bounced off the lower trend line and the 50.00% Fibonacci retracement level near the 0.8820 mark. Due to that reason Dukascopy analysts forecast a surge through various resistance levels up to the 0.8930 level.
