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Currency analyst

EUR/USD won't give up without a fight

On the daily EUR/USD chart bears failed to settle below support at 1.1072 (23.8% Fibo of the last descending wave). If the pair recoils from the upper border of the trend channel and returns to 1.1175, it will be a signal that the bulls have seized the initiative. On the other hand, sustainable break above 1.1072 will increase the risk that the long-term downtrend resumes.

On H1 EUR/USD failed to break the lower border of the downtrend at the level of 88.6% "Shark" pattern's target (convergence area). In order for the bears to show their power, the pair should successfully test 1.1082 and 1.1051. The nearest resistance levels are at 1.1114 and 1.1170.   

 

EUR
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