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:
Assuming 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:
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.Get the 5 most predictable currency pairs