EUR/USD continues lower

١ مارس ٢٠١٨During the early hours of Thursday’s trading session the common European currency continued to lose ground against the US Dollar. Meanwhile, Dukascopy analysts spotted two notable facts about the pair’s charts.

The decline, which followed the first testimony of the head of the Federal Reserve, has confirmed that it is occurring in a narrow descending channel pattern.

Meanwhile, analysts looked for a possible level of support, which might force a reversal of the direction. As a result of the efforts, a possible support line of a long term almost horizontal pattern has been set near the 1.2170 mark.

The zone around this line should be watched carefully.

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تعليق

The picture on the EUR/USD charts is a complicated mix of technical levels and fundamental events causing various moves. This combination has resulted in a rather high volatility to the upside in the last 24 hours.

In general, the pair bounced off the support of the speculative long term channel, which was strengthened by a weekly pivot point near the 1.2150 mark.

The event coincided with the sudden announcement that Donald Trump will impose tariffs on metal imports. That caused a sudden increase in volatility.

The volatile trading broke various resistance levels until the surge paused on Friday morning near the 200-hour SMA.