FxGrow Daily Technical Analysis – 12th Jan, 2015
By FxGrow Research & Analysis Team
EURUSD – movement in downward channel suggest the direction of breakout
Since December 4 EURUSD moves in downward channel between 1.0720 – 1.1050. Fundamentally dollar should strengthened and EURUSD continue its declines but it doesn’t. It indicates, that any dovish information from FED could induce upward movement at least to 1.1050. Similar channels formed several times in the last few months (as you can see in the chart D1) and every time breakout was in direction opposed to the channel slope. If price breaks the channel, further movement will be also in consolidation but in a bigger one, between levels: 1.0500 – 1.1500.