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We expect decline to the new boundary of horizontal channel

23 April 2015, EUR/USD

We expect decline to the new boundary of horizontal channel Four hours’ chart of EURUSD. For the last day this chart has not shown any significant changes. The pair is still consolidating around the level (4/8), which has lost its impact on price, because now the pair is based in horizontal channel (3/8 – 5/8). Flat can be over only when price leaves boundaries of horizontal channel and gets consolidated there. Taking into account a general tendency, we think that the most probable outcome is breaking of the bottom boundary of channel.

Nikolay Krishtopov
FreshForex Analyst
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