FX.co ★ EUR/USD turns to downside

EUR/USD Upside Seems Limited!

EUR/USD was trading at 0.9778 at the time of writing far below 0.9846 today's high. Yesterday's high of 0.9867 stands as a static upside obstacle while today's low of 0.9758 represents a downside obstacle.

As you can see on the H1 chart, the rate increased within an up-channel pattern. Dropping below the uptrend line signaled that the swing higher ended and that the sellers could take the lead. Still, after its previous strong drop, the rate increased trying to retest the broken uptrend line.

EUR/USD Trading Conclusion!

Dropping and stabilizing below 0.9758 activates a downside continuation and helps the sellers to catch more declines.