During the early hours of Thursday’s trading session the common European currency continued to lose ground against the US Dollar. Meanwhile, Dukascopy analysts spotted two notable facts about the pair’s charts.
The decline, which followed the first testimony of the head of the Federal Reserve, has confirmed that it is occurring in a narrow descending channel pattern.
Meanwhile, analysts looked for a possible level of support, which might force a reversal of the direction. As a result of the efforts, a possible support line of a long term almost horizontal pattern has been set near the 1.2170 mark.
The zone around this line should be watched carefully.
