EUR/USD Morning Technical Report 17/1/2014

The pair is showing very weak trading above the bullish support level of the ascending channel at 50% correction represented in 1.3590 levels. Stability above the referred to level keeps the bullish possibility valid and the weak sideways trading benefits the ascending channel as it weakens the negative signals of momentum indicators and Linear Regression Indicators. Breaching 1.3665 is required to confirm the upside move, but we will depend today on stabilizing above 1.3560 to keep our classical expectations over intraday basis.

Breaking 1.3520 at 61.8% correction for any reason will fail the positive expectations, because it will confirm exiting the ascending channel and starting a bearish correction.