The common European currency passed the long term support against the Japanese Yen almost as soon, as such a move was speculated on Friday. Since then the rate has fluctuated even above the previous support and made two attempts to surge.
However, it failed and instead revealed that there is a clearly spottable descending channel pattern. The pattern was set to guide the currency rate down to the support of the weekly S1, which is located at the 131.86 level.
Although, it is likely going to occur only when the resistance of various hourly SMAs reaches the rate.
However, it failed and instead revealed that there is a clearly spottable descending channel pattern. The pattern was set to guide the currency rate down to the support of the weekly S1, which is located at the 131.86 level.
Although, it is likely going to occur only when the resistance of various hourly SMAs reaches the rate.
Instead the surge, which was thought to be only short lived, has passed the resistance of three SMAs, upper trend line of a medium descending pattern and a weekly PP.
By the middle of Tuesday’s trading it could have been observed that the rate faced a long term resistance line at the 133.00 level. If it gets passed, the 133.50 mark will be targeted next.