EURUSD 2015-09-10

EURUSD
1.1194

Trading within a rising channel!

The pair of Eur/Usd is trading for the last couple of days within a range awaiting more information and liquidity to decide the direction of the potential breakout.
On the short-Term:
The market is trading on a rising channel as shown at the chart, the prices touched the upper boundary of that channel at the levels of 1.17 and have started declining since then .now the theoretical move should be toward the lower boundary of that channel at 1.09s levels which considered the higher probability target.

On a mid-term Horizon;
The market is consolidating the major drop of the pair’ prices which have accrued by the begging of the year (Discounting Fed rate hike expectations, & bond purchase program by ECB); we do expect the trading within shown trading channel between the upper and lower boundary (Generally speaking the range is between the levels of 1.17 & 1.08); with higher probability the breakout out phase would be on the downside to target the levels of 1.07 / 1.05. However, In case the market penetrated the higher boundary of the rising channel then the target will be toward 1.20 & 1.22.

On a longer-Term View:

Economic factors represent a major pressure for Eur to drop against the US dollar on the longer-term horizon, we highly expected a rate below the parity (Below 1.0000 levels) to test a long Term major support at 0.98 & 0.95 respectively .

Daily Trend: Down
Weekly Trend: Down

	Support	Resistence
Level 1	1.1080	1.1250
Level 2	1.1020	1.1320
Level 3	1.0960	1.1440