The EURUSD is forming a triple-top set-up, which could turn the market around. Locally, the dollar index shows positive dynamics, which affects the EURUSD currency pair accordingly
At the moment the price is testing the support of the ascending channel. The channel is weak, as there is no clear support or resistance lines, but still we have the boundaries of the uptrend.
The price is trying to break the support, in which case we need to wait for one of two scenarios:
1) a false break of the channel support and further growth
2) breaking of the support at 1.09733, consolidation under the level and further fall
Strong support: upward channel boundary, level 1.09733
Strong resistance: level 1.10752
I expect that on the back of the uptrend there might be a false-breakout, but an initial breakdown of the channel support can also send the price down
At the moment the price is testing the support of the ascending channel. The channel is weak, as there is no clear support or resistance lines, but still we have the boundaries of the uptrend.
The price is trying to break the support, in which case we need to wait for one of two scenarios:
1) a false break of the channel support and further growth
2) breaking of the support at 1.09733, consolidation under the level and further fall
Strong support: upward channel boundary, level 1.09733
Strong resistance: level 1.10752
I expect that on the back of the uptrend there might be a false-breakout, but an initial breakdown of the channel support can also send the price down