Follow-Up: EUR/USD Breaks Above Downtrend Channel

EUR/USD managed to escape the downtrend channel on the hourly chart we discussed beforehand. The pair made a move higher in the Asian session, rising as high as the 1.3060. Also the time that passed by helped it, as seen on the chart.

Euro/dollar didn’t make a decisive turn to the upside, but only moved a bit higher. Where will it go from here?

Analysis: If it goes up, it’s probably going higher, but if it comes down, it may go lower

German figures hurt the euro yesterday, with the IFO figure falling below expectations. In addition, expectations for a rate cut have moved around during the day.

For more, see the EUR/USD forecast.

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. Yohay's Google Profile

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