1D Channel Down. Short.EURCZK is trading within a 1D Channel Down (RSI = 25.124, MACD = -0.042, Highs/Lows = -0.1628, B/BP = -0.2948) and is on its way to a Lower Low. We are short with TP = 25.2500.
Koruna
EUR/CZK Pair stands at resistanceThe common European currency has recently met with the support of a medium scale ascending pattern against the Czech Krona. This event has resulted in the formation of a junior ascending pattern.
On Monday the currency rate was standing just below the resistance of the pattern. In addition, the resistance was strengthened by the 200-period SMA and the monthly pivot point just below the 25.40 mark.
Due to these levels of significance it is expected that the currency pair will break the resistance or fails at an attempt to surge higher and decline. Either way there should be additional momentum.
