EUR/USD Channel Resistance
Ah, look at the beautiful channel play.
If the line indeed turns out to be resistance by today’s close, we may very well get ourselves a strong channel.
It helps also that the potential resistance line is around 1.4000. A strong even number.
One interesting point to note is that looking at the candles, a few green climbs are often followed by a few steep reds.
If this is indeed the current trend, we may be looking at a steep drop soon.
However, oil and S & P is climbing up currently and usually it brings about dollar weakness.
A break and close above 1.4000 on the other hand, may open up the path to higher levels.
