EUR/USD Still in Downward Channel
On the EUR/USD 4-hour chart, I see that the price is moving within a clear downtrend channel. After reaching the upper edge of the downtrend channel, it is likely that the price will face resistance and may correct lower before returning to the lower edge of the channel.
However, if the buying pressure is strong enough, the price may break the downtrend channel and move towards higher resistance levels, with the 34 EMA or 89 EMA likely to be the next resistance levels. With the current situation, I will watch to see how the price reacts to the upper edge of the channel to decide the next direction.
However, if the buying pressure is strong enough, the price may break the downtrend channel and move towards higher resistance levels, with the 34 EMA or 89 EMA likely to be the next resistance levels. With the current situation, I will watch to see how the price reacts to the upper edge of the channel to decide the next direction.
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