EURUSD: Stable parallel price channel
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Hi everybody,
Today, during Wednesday's Asian trading session, EUR/USD remained firmly above the key psychological mark of 1.0700. The US dollar weakened on weaker-than-expected April PMI data, which provided support for the pair.
According to technical analysis from the chart:
After bouncing from the lower boundary of the parallel price channel, the price is expected to resume the uptrend to test the resistance at 1,086, which is also the upper limit of the current price channel.
Today, during Wednesday's Asian trading session, EUR/USD remained firmly above the key psychological mark of 1.0700. The US dollar weakened on weaker-than-expected April PMI data, which provided support for the pair.
According to technical analysis from the chart:
After bouncing from the lower boundary of the parallel price channel, the price is expected to resume the uptrend to test the resistance at 1,086, which is also the upper limit of the current price channel.
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