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EURUSD and GBPUSD Stall Ahead of Key Resistance Levels
EURUSD continues to trade within a descending channel that is best seen on the 4 hour chart. This channel extends off the April 6th high and has now rejected the pair on two separate occasions this month. So where do we go from here? There are two scenarios I'm watching as we head into the second half of the week. The first and perhaps more likely scenario is a daily close below the 1.0658 key handle. Such a close would have us looking for a sell signal on a retest of the level as new resistance. Key support from there would come in at 1.0470. The other scenario involves a daily close above channel resistance. In ... (full story)