EURUSD Analysis: Reversal Signs From Rising Channel
Updated
On the 1-hour chart of EURUSD, the price is trading within an ascending channel, with clear resistance and support levels formed by trend lines. Currently, the pair is hovering around the $1.0890 area, close to the upper resistance line of the channel. The continuous increase has pushed EURUSD close to this resistance level, however, there is a high probability of a correction when the price approaches the upper zone of the channel.
Prediction Scenario: If EURUSD encounters strong selling pressure at the upper resistance level, the price may correct to the support area around $1.0800.
What do you think about this scenario?
Prediction Scenario: If EURUSD encounters strong selling pressure at the upper resistance level, the price may correct to the support area around $1.0800.
What do you think about this scenario?
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