Currency analyst

EUR/USD is losing ground

On the daily chart EUR/USD after reaching the targets of AB=CD pattern and leaving the bullish channel the euro reached support at 1.1175 (38.2% of the last descending wave). As a result, the pair formed a doji bar. If the pair falls below its minimum, risks of decline to 1.1072 will increase.

On H1 after the reversal of EUR/USD the combination of "Tree Indians" pattern and 1-2-3 made the pair reach 224% of AB=CD. The bears ran into support at  1.1169. Below this leve we'll see a decline to 1.1115 and lower. In line with the principle of the widening wedge, traders should sell the euro on attempts to rise to 1.1206 and 1.1233-1.1244.  


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