For Traders

Analytical Reviews

Technical analysis

06.05.202015:29 Forex Analysis & Reviews: EURUSD 1 hour chart in bearish channel

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD is in a bearish short-term trend. Today we focus on the bearish channel we are currently in and if we see a break out of the channel where can the pair bounce to. Price remains in a bearish trend on a daily basis so each bounce is still considered a selling opportunity.

Red lines - bearish channel

EURUSD is making lower lows and lower highs. Price is clearly inside a bearish channel after getting rejected around 1.1030 last Friday. Possible bounce targets and resistance levels are 1.0830, 1.0870 and 1.09. The most important of all is the 1.09 level where was the line in the sand between the short-term bullish and bearish trend. I do not expect the 1.0727 can break soon. I believe if over the coming weeks we are going to break 1.07, we should see another bounce first towards 1.09.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.