EUR/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been appreciating versus the greenback since July 2013. However, after hitting 1.3967 on February 13, the pair began moving to the south, suggesting it is either a correction before another rally, or a beginning of the downside trend. Vast majority (66%) of Dukascopy traders are holding short positions on the pair and actually they were doing so during the last several months. A slight majority (54%) of pending orders in a 100-pip range, however, is placed to buy the pair. And with technical indicators on a daily chart sending ‘buy' signals, a move below the 200-period SMA is unlikely. A move above weekly S1 at 1.3833 will clear the way for 1.39 level.
© Dukascopy Bank SA
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