EUR/USD is continuing to decline inside the well-formed Down Channel chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the above-average 6 bar level reflecting equally strong Initial Trend and Uniformity (both rated at the 6 bar level) and lower Clarity (rated at the average 5 bar level). This chart pattern is continuing the medium-term downtrend affecting this currency pair which started in May of this year. The above average Initial Trend corresponds to the sharp downward impulse which preceded this chart pattern. Points B and C of this chart pattern formed when the price failed to sufficiently penetrate the strong resistance at the round price level 1.4500. Points D and E also formed when the price could not fall below the support at 1.4000 (in case of the E point - intensified by the 50% Fibonacci Retracement of the preceding sharp upward impulse, as is shown on the second chart below). The pair is expected to fall further toward the lower support trendline of this Down Channel in the coming sessions.
The following weekly EUR/USD chart demonstrates technical price levels mentioned above:
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