Currency analyst

EUR/USD: bears are preparing an attack

On the daily chart EUR/USD formed a descending trend channel. As long as the pair stays below 1.1235-1.1259, the market's sentiment will remains bearish. Traders should sell either on growth or on breaks of support. The nearest support is at 1.1072. Look for resistance near 1.1175.   

On H1 EUR/USD is consolidating within the 1.1072-1.1105 range. The break below its lower border will lead to a decline to 1.1051 and 1.0967. Successful test of resistance will activate 5-0 pattern. The pair's increase to 1.1141 (50% Fibo of the last descending wave) and to 1.1163-1.117 should be used to form short positions.  


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