The common European currency has been trading in a downtrend channel against the British pound since the middle of January. Although the decline has been stopped by the weekly PP at 0.86 for a temporary retracement to the upside.
After testing the downtrend's boundary on 25th January, the pair started to consolidate to the north. A junior pattern has been drawn to trail the movement of the market.
The bull is likely to continue dominating the pair for a short period of consolidation until it is stopped by the weekly PP at 0.88 or the daily dominant channel upper trend line.
After testing the downtrend's boundary on 25th January, the pair started to consolidate to the north. A junior pattern has been drawn to trail the movement of the market.
The bull is likely to continue dominating the pair for a short period of consolidation until it is stopped by the weekly PP at 0.88 or the daily dominant channel upper trend line.