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Still moving in channel (3/8 - 5/8)

09 June 2015, EUR/USD

Still moving in channel (3/8 - 5/8)

4 hours’ chart of EURUSD. The pair is still moving within a horizontal channel (3/8 – 5/8). From the bottom boundary of the channel, the pair has approached the upper one, from where we shall expect a downward movement. If the price consolidates on one of the boundaries of the channel, this option wil be cancelled. Until that, boundaries of the channel represent strong levels of support and resistance, whereas the level (4/8) no longer impacts on the price.

Nikolay Krishtopov
FreshForex Analyst
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