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EUR/USD Trading in Downtrend Channel – Rises Could be

EUR/USD is trading in a downtrend channel on the  hour chart. The channel was formed late last week and the euro follows a choppy course downwards.

1.2960 serves as initial support, followed by 1.2880 and 1.28. 1.30 serves as a pivotal line within the range and resistance appears at 1.3050. Here is a chart of the downtrend channel, followed by a live chart of EUR/USD with the channel:

EURUSD Downtrend Channel on Hourly Chart April 24 2013Assuming that fundamentals remain weak, every rise in the pair could serve as a sell opportunity, especially if the pair rises to the uptrend resistance line. Click the play button to see how it evolves:

EUR/USD in downtrend channel – rises could be sell opportunities by forexcrunch on TradingView.com

The weak German IFO figure, together with weak PMIs from the euro-zone’s locomotive, certainly hurt the single currency. US data isn’t much better, but it seems to be helping the dollar at the moment.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.