Currency analyst

EUR/USD is stuck in the dead area

On the daly chart the pair keeps moving in line with scenario we've outlined in the previous article: the recoil down from the upper border of the descending trend channel (painted in red) and the following growth towards 1.1175. If the bulls manage to reach this level and then renew July high, the pair will likely move towards 1.1260 and 1.1340. On the other hand, inability to hold above 1.1114 will show that the buyers are weak.

On H1 EUR/USD formed descending trend channel. The nearest support levels are at 1.1114 and 1.1082. Look for resistance near 1.1170 and 1.1235.


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