EURUSD broken out the channel

3 aug. 2018The price has managed to finally break out the channel, the price has broken out the support level of the channel and has moved all the way down to a very strong support level. The price did confirm the break of the channel by retesting the broken support level, which this time acted as a level of resistance. The price seems to have lost some of its momentum as it has approached the strong support level, also the RSI has been in an oversold position meaning it is very likely that the price may retrace a little before trying to test the support level once again. The price of this pair has also been hit with the impact of there not being a trade deal confirmed between the UK and the EU when UK leave on March 29th 2019. All this is negative for the EUR and it can be seen in the fall in price over the last couple of days. I will update this post if I see anymore signals, which may be able to help determine future price directions.