EURUSD – A year ago, the pair set a maximum of 2018 at 1,2555. Since then, quotations have been falling steadily to reach a minimum of 1,1215 in November last year. For the last three months, it has been difficult to indicate any particular direction, quotations are in 200p consolidation with single breakouts and returns to its range.
Friday session (15.02) had an interesting course, throughout the whole Asian session and until the opening of the American session Euro lost to USD, and since 15:00 this quotation has only been growing. The day ended with a bullish pin bar. This pin bar may herald growth in the coming sessions, because its minimum is in a non-accidental place, i.e. on the support of the bearish channel, which makes it a rather important growth signal indicating that the market rejected this level.
On Chart H4 there is an upward divergence and it can be seen that the price has crossed the local downward trend line, which may support the increases and coincides with the conclusions of the Daily chart analysis. Overcoming channel support will negate the upward option and may lead to drops well below 1.1215.