Since July 2007, Euro hit the highest high, 1.6060 and could not breakout higher. Since then, the price has remained confined within the falling channel formation and is not showing signs of rising. Just recently, Eur started rallying within an tight channel and is still pretty much inside this shape formation. As long as the price remains within this shape formation,. We expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (E) and should continue further downwards towards the outer channel formation.
Trade Recommendations:
Look for long term sell orders towards the supportive trendline.
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