ACTIV8X

EurUsd: Channeling around in a triangle Part 2...

FX:EURUSD   Euro / U.S. Dollar
Yesterday's session was a classsic one: The EurUsd             failed to breach its monthly bearish trend in blue, which has led it south towards the channel's bottom, stopping around the 1.12239 level.

The descending triangle consists of its Blue trend line , and its 1.11118 support level in Orange. It has 1.08637 as an objective, and 1.3234 as a rejection level. As for the Channel, it is higlighted on the chart.

On a daily scale, the EurUsd             will hit the channel's bottom if it breaches 1.12115, which means 1.11855. Breaking out the channel will send it south to 1.11118, the triangle's base, with 1.11634 as a primary objective. The parity will have 1.12628 as a resistance level .

Breaching out 1.12838 will send the parity to 1.13234, which will reject the descending triangle , and trigger a movement towards 1.13658, the channel's top.

The EurUsd's daily Pivot Point is around 1.12442. The daily support levels are around 1.12046 and 1.11719. The daily resistance levels are around 1.12769 and 1.13165.
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