HomeContributorsTechnical AnalysisEUR/USD Gives In To Senior Channel

EUR/USD Gives In To Senior Channel

‘The euro was a fraction firmer at $1.0775 while the dollar dipped against a basket of currencies to 95.763 .DXY.’ – Wayne Cole (based on Reuters)

Pair’s Outlook

Following repeated attempts to claim the upper boundary of the senior ascending channel, EUR/USD failed at the area once more and established the area as a major supply level, meaning that it is unlikely that the pair will push through 1.0796 anytime soon. There is a support lying just below at 1.0744 – a reasonable target for the next couple of hours, but likely to break during the trading session. The ultimate downside target lies at 1.0683, the junior channel bottom trend-line, and will be tested if the rate continues to respect the senior channel boundary and shows no stickiness.

Traders’ Sentiment

SWFX traders have entered deeper negative territory regarding the pair, as 57% of open positions are now short. Similarly, 57% of pending orders are to sell the Euro.

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.

Featured Analysis

Learn Forex Trading