Currency analyst

EUR/USD: bears showed weakness

On the EUR/USD daily chart, quotes returned to the boundary of the descending trade channel, it shows that the "bearish" trend has been restored. To win back "bulls" will need to break out the resistance line at 1.1065. If they fail to do so, the "Bat" pattern can transform into the "Crab" pattern. Target 127.2% of the "Crab" pattern is located near the 1,084 mark.

On the EUR/USD hourly chart, to return to the boundaries of the downward trade channel quotes will need to break out the resistance line at 1.1065 and activate the "Bat" pattern.Target 88,6% of the "Bat" pattern is located at the 1,118 level. Alternatively, update of the October low will cause quotes to rise. 

Recommendations: to shift SL shorts from to breakeven area,

BUY 1,1065 SL 1,101 TP 1,118

SELL 1,1 SL 1,1055 TP 1,084.

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