For the EURUSD currency, we can see the construction of a large downtrend that moves inside the green channel.
On the current chart, we see the market movement from the end of June to the present day. At the end of June, the price pushed off from the upper green line, after which, during the half of July, the pair moved in a downward direction to the lower green line. We see that the bears could not break through the support line of the green channel. Therefore, the market pushed off from this line and began to move in an upward direction within the yellow channel. Recently, the price touched the lower yellow wall, but so far this wall has not been broken through.
It is assumed that bulls can start pushing the price up. In this case, the currency pair may continue to grow in the direction of the resistance level of 1.032. If this price level is broken, the way to the upper yellow line and the resistance level of 1.049 will become free for the pair.
Alternatively, the market is expected to move again to the lower yellow line and the support level of 1.014. If this level is broken, market participants may expect a long fall in the value of the Euro dollar to the lower green wall and the support level of 0.974.
