The Euro has been constrained in several long and short-term channels which have guided the exchange rate lower since August 2017. The currency pair has been trading in a large-scale triangle after it touched the upper boundary on August 29.
The combination of the 55-,100-, and 200-hour SMAs was restricting the pair for making any bullish movement. Also, technical indicators suggest that bears’ might grow stronger.
This bearish sentiment is likely to continue within the following trading session until it breach the weekly S1 at 0.8768.
