Forex Signals - EUR/USD Bearish Channel

By PipHut
04 November 2009 @ 01:30 am EDT

7:26a GMT - We saw what we expected yesterday - there was a bearish bias and we saw a drop of 160+ pips, but support was found near the bottom of the range and since the price has drifted up to the 1.4730 area. Price action never saw the top of the range and the aggressive downward swing broke the bottom support putting the pair into a bearish channel. On the 4-hour and daily charts this bearish channel is beginning to look like  a bearish continuation pattern meaning more downside to come.

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