Currency analyst

EUR/USD: bulls have lost power

On the daily chart EUR/USD bulls failed to overcome important convergence area and this triggered selling of the euro. 161.8% target of AB=CD, the upper border of the rising channel and lower border of the downtrend channel discouraged the bulls and returned the prices to 1.1269 (50% Fibo of the last meduim-term bearish wave).


On H1 EUR/USD has completed "3 indians" model. If the bears manage to overcome convergence area at 1.1233-1.1244, the risk of decline to 1.1206 and 1.1169 will increase. To resume the bullish trend the byers need to push the pair above 1.135.  



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