Sasha Singh
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EURUSD : Waiting For A Breakout

On the 4 hour chart of EURUSD, it seems like the pair is following an uptrend channel. From the stochastic oscillator, it can be seen that the signal trend line just crossed the average trend line to move below which gives a signal that the pair will move in upward direction. The pair fell back from the resistance trend line after ECB President Mario Draghi said that the Bank is monitoring the euro gains for deflation risk. Although the structure of higher highs and higher lows remains in progress and the pair is trading within the ascending channel,in my opinion it may decline through the support trend line as a correction.