The EURUSD: false breakout of 1.0620 support
Medium-term bearish trend was held back by 1.0620 support. The price made three attempts to test the barrier, but failed. The last two attempts were followed by the false breakout.
Trading is currently carried out above the 1.0620 support, where from the price is likely to rise into the range of the descending channel’s upper border at 1.0695.
As long as the EUR/USD keeps within the descending channel, dominating bearish potential will preserve. After the test of the channel’s upper border the price is expected to rebound down to 1.0620, 1.0565, 1.0500.
The breakout of the descending channel’s upper border at 1.0695 will be a signal for reversal up, which will open the way to the next resistance at 1.0765.
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