Currency analyst

EUR/USD: bears are ready to counterattack

On the EUR/USD daily chart, "bulls" failed to break out the 1,127 resistance line. This allowed to open short positions. Drop in quotes below the supports at 1.1207 and 1,122 will increase the risks of attacking the lower boundary of the triangle painted in green.

On the EUR/USD hourly chart, "bears" are trying to seize their initiative and push the euro from the rising trading channel. Successful test of support at 1.1222 will activate the junior "Shark" pattern with Target at 1,119. If the quotes consolidate below this level, the risk of attacking the 1,114 level will increase.

Recommendation:  stick to the SELL strategy from the 1,127 level. 

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