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Short

Current up channel formation on EURUSD

FX:EURUSD   Euro / U.S. Dollar
Price on EURUSD             is currently trading within a range and is capped by an up channel formation as indicated in the chart by the purple shading.
This formation is indicates overall bearishness building up on EURUSD             making price likely to push down further on the 4 hour time frame.
Key support levels include: 1.1125 and 1.11.
Key resistance levels include: 1.12 and 1.1225
In the case price break below the support trend line (bottom line of the channel) and key support levels, price would likely push down further.
Key targets for short positions include 1.09 and 1.085.
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