EURUSD Daily Analysis

EURUSD Analysis.

EURUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.2747, and the rise from 1.2162 is treated as consolidation of the downtrend. Further rise to test the resistance of the upper of the channel would likely be seen, as long as the channel resistance holds, we’d expect downtrend to resume, and another fall towards 1.2000 is still possible. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.2747 has completed at 1.2162 already, then further rise to 1.2500 could be seen.

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