On the EUR/USD daily chart, the “bears” are trying to return quotes to the limits of the downward trading channel. If they succeed, the prices will return to support at 1.0495.
In contrast, the spike of the euro above 1.0635 can potentially lead to an update of the March high and continuation of the rally towards 1.082.
On the EUR/USD hourly chart, the “Dragon” pattern has been formed. If buyers manage to test the resistance at 1.066 and 1.068, the rally will continue. In contrast, the quotes’decline towards the middle of the trading channel 1.05-1.0625 will increase the risks of implementation of the “Fakeout-Shakeout” pattern.
Origin: FX BAZOOKA
