Technical analysis of EUR/USD 06/10/2022
The EUR/USD currency pair in a downtrend is trading a channel on the (1D) chart. The price failed to break through the resistance of 1.0800 (23.6% Fibo), (the upper limit of the descending channel). At the moment it is consolidating around 1.0640.
While the pair is within the channel, the technical picture suggests a continuation of the decline to a minimum of 1.0353.
The signal to cancel the continuation of the decline will be the growth of the pair above the resistance 1.0800 (23.6% Fibo), which will mean the possibility of growth to the next resistance 1.1080 (38.2% Fibo).
Created by Joshua Hayn