EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This week EUR/USD is bullish with respect to the U.S. Dollar. The currency pair has already gained 170 pips and seems to be ready to extend the rally even further. This is evidenced by the emerging upward-sloping channel. The pattern implies that the rate will not fall beneath the support at 1.3831, but instead will target the upper boundary of the corridor at 1.3879, the current location of the weekly R2 level.
Technical indicators are also in favour of Euro's appreciation, especially on the lower time-frames. SWFX market participants, on the other hand, are not convinced that the recovery is sustainable, being that 68% of them are presently holding short positions.

© Dukascopy Bank SA
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