# EURUSD Descending Channel (May 26, 2016) Source: https://www.tradersway.com/resources/market-info/eurusd-descending-channel-may-26-2016/ Language: en Updated: 2016-05-26 Description: Explore EURUSD Descending Channel (May 26, 2016). EURUSD has been. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EURUSD has been trending lower on its 1-hour time frame, moving inside a descending channel connecting the latest highs and lows. Price appears to be on its way to test the resistance once more after the channel support held. Applying the Fib tool on the latest swing high and low shows that the 61.8% level coincides with the top of the range near the 1.1200 major psychological level. This also lines up with a broken short-term support level and the 100 SMA dynamic resistance. This short-term moving average is below the longer-term 200 SMA, confirming that the path of least resistance is still to the downside. If the resistance area holds, EURUSD could revisit the lows at 1.1135 or form new ones closer to the 1.1100 major psychological level. Stochastic and RSI are both indicating overbought conditions so sellers could take control soon. Data from the euro zone has been mixed this week, as the German and euro zone ZEW economic sentiment figures both missed expectations and indicated weaker optimism while the German Ifo business climate reading printed stronger than expected results. ![EURUSD Descending Channel (May 26, 2016)] As for the dollar, the lack of top-tier events has left it sensitive to risk sentiment. For today, though, the US durable goods orders report is due. Analysts are expecting to see 0.3% gains for both the headline and core figures. Initial jobless claims data is also due today. This pair could see more action on Friday, as the US preliminary GDP reading is up for release and an upgrade from 0.5% to 0.8% is eyed. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eurusd-descending-channel-may-26-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/eurusd-descending-channel-may-26-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eurusd-descending-channel-may-26-2016/", "headline": "EURUSD Descending Channel (May 26, 2016)", "inLanguage": "en", "datePublished": "2016-05-26T07:16:59+00:00", "dateModified": "2016-05-26T07:16:59+00:00", "articleSection": "Market Info", "description": "Explore EURUSD Descending Channel (May 26, 2016). EURUSD has been. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/eurusd-descending-channel-may-26-2016/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "EURUSD Descending Channel (May 26, 2016)", "item": "https://www.tradersway.com/resources/market-info/eurusd-descending-channel-may-26-2016/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```