The Euro remained sticky to this line during for several sessions prior to breaching it earlier today. This factor together with the rate’s inability to pick up speed in the aforementioned long-term channel suggests that the momentum might be gradually allaying. In case the 200-hour near 4.66 is breached, traders should expect a fall down to the 4.60/4.63 area within the following two weeks.
On the other hand, the failure to fulfill this scenario should guide the Euro towards 4.76.
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