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The EUR/USD currency pair has been continuing to move in the structure of the ascending channel for more than two months, where the European currency has managed to repeatedly update its annual maximum, eventually hitting the upper trend line, which plays the role of resistance in the market.
A stable price movement in the same direction indicates the existence of a trend, but in the structure of any trend, there are both impulses to the string of the main move and corrections in the opposite direction of the trend movement. Touching the upper border of the trend can be regarded by the market as a signal of an upcoming correction in the market.
Based on the above technical analysis, it can be assumed that the price area 1.1745/1.1780, where the upper trend line passes, can play the role of resistance. As a result, the rate of the European currency will be adjusted towards the value of 1.1700. The most significant correction in scale may occur if the price consolidates under the level of 1.1700, towards the lower trend line 1.1620/1.1650.
An alternative scenario will be considered if the first price coordinate of 1.1700 serves as a pivot point, where the renewal of the current high of 1.1780 will lead to further formation of an upward trend.
As expected (in the previous article), for the USD/CHF currency pair, the quote found a pivot below it, which plays the role of a historical minimum in the area of 0.9100/0.9150. The market, in particular, a quote is a living organism consisting of traders, emotions and patterns. Touching an important price area leads to the activation of market emotions, as well as regularities, which leads to the systematic behavior of the quote.
Based on these principles, it can be assumed that the natural basis of the market associated with the area of 0.9100/0.9150 will repeat the price fluctuation of the past, resulting in an upward price movement in the direction of the 0.9300-0.9350 values. This analysis provides a perspective for the next few days.
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