EURUSD failed to break below channel support

16 במרץ 2017

EURUSD failed to break below the the bottom of the rising price channel on 4-hours chart and rebounded strongly from 1.0600, indicating that the pair remains in uptrend from 1.0494. As long as the pair stays in the channel, further rise to test 1.0828 resistance is possible. Near term support is at 1.0650, and the key support is located at the bottom of the channel, only a clear break below the channel support could signal completion of the uptrend.