Currency analyst

EUR/USD: bulls showed weakness

On the daily EUR/USD chart the bulls for the second time tried to test important convergence area near 1.1345 (161.8% of AB=CD target, 61.8% of the last medium-term bearish wave and the lower border of the long-term bullish channel) failed. This means that the buyers are weak. Traders should expect the euro to weaken.

On H1 EUR/USD formed a combination of "Three Indians" pattern and 1-2-3. If the bears manage to settle below the lower border of the bullish trend channel and pull the prices below 1.129, the risk of decline towards 1.1233-1.1244 and then to 1.117 will significantly increase.   

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