EUR/USD finds support at 1.1725 mark

As it was expected, the EUR/USD currency pair is continuing the decline. On Tuesday morning the pair suddenly reached the support of the weekly S1, which is located at the 1.1726 level. The move was expected to occur, and it came into reality, as the 100-hour SMA was passed at the 1.1770 level.

The currency pair rebounded against the mentioned weekly support level. However, it is still to be expected that the rate will decline. The reason for that is the fact that the pair remains in a medium term descending channel pattern.

Most likely in the near future the pair will go for the support of the pattern. On Tuesday the support of the channel was already located below the 1.17 mark.

Commentaire:

Congratulations to the ones, who shorted it. The release of the US Retail Sales and US Core Retail Sales has forced the rate lower, as it was expected.

However, we also have spotted short term descending channel, which is not shown on the chart. Most likely they will be added in an idea in the near future.