We've seen price remain within a consistent channel since the first of the year. After the previous week's rally we've begun to approach the upper bound of this channel as well as the 50 day SMA
. Yesterday we saw the first daily decline since last week, and saw a brief correction culminating in a possible double top
formation at ~1.1330, followed by a failed attempt to breach of that line further reinforcing the strength of this resistance. I expect the the following week to continue downward within the channel with our first profit target at 1.1200 near the previous low, and the next around 1.1160-1.1170.
Note: FED Event risk next Wednesday, US interest rates announcement @ 18:00 GMT . So far 2019 the FED has been relatively dovish, continuation of this outlook will limit the potential upside for the USD.