EUR/USD: Downtrend channel emerging

EUR/USD Thursday's four-hour chart is showing a downtrend channel is emerging. Yohay Elam, an analyst at FXStreet, takes a look at the technical picture of the pair.

Key quotes

“Momentum on the four-hour chart has turned to the downside but the currency pair trades above the 50, 100, and 200 Simple Moving Averages.” 

“Resistance awaits at 1.1360,  a high point earlier this week, followed by 1.1410, a line dating back to 2019.”

“Support is at the daily low of 1.1250 – which also converges with the 50 SMA. It is followed by 1.1215, a high point from earlier this month.”