EUR/USD Downward Trend Resuming To 1.11430 Area Of Support.

EUR/USD Downward Trend Resuming To 1.11430 Area Of Support.

24 February 2019, 15:42
Thomas Lawson
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Looking at the first EUR/USD daily chart we can see that the currency pair was in an ascending channel formation, and price broke below, then retraced, and broke below again making a lower low. This could indicate the downward trend resuming. I think the reason for this is traders are expecting the ECB to start the bond purchasing program again later this year because of weakening European economic data as of late. This will weaken the euro. From the second chart we can see 3 falling star candlestick chart patterns indicating the presence of sellers pushing price lower. There could be a drop in price coming for this Forex pair. US Fed Chairman J Powell will be speaking on monetary policy on Wednsday. Traders will be waiting for any clues on potential interest rate hikes for the coming year.

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