Currency analyst

EUR/USD: bears prepare their revenge

On the daily EUR/USD chart the bulls came to the upper border of the rising channel. Successful test of the diagonal resistance will open the way to 1.1175 (38.2% Fibonacci of the last medium-term descending wave). However, if the bears manage to return the prices below support at 1.1070, the risks of the euro's fall to $1.1000 will increase.

On H1 a descending triangle was formed. It's a bearish formation. The break of support at 1.1070 will activate AB=CD pattern making the pair move down towards 1.1035 and 1.0970.

Recommendation: SELL 1.1070 SL 1.1120 TP 1.0970. 

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