The common European currency has been trading in a downtrend channel against the British pound since the middle of January. Although the decline has been stopped by the weekly PP at 0.86 for a temporary retracement to the upside.
After testing the downtrend’s boundary on 25th January, the pair started to consolidate to the north. A junior pattern has been drawn to trail the movement of the market.
The bull is likely to continue dominating the pair for a short period of consolidation until it is stopped by the weekly PP at 0.88 or the daily dominant channel upper trend line.
