EUR/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most popular currency pair is trading upwards for a third consecutive week, during which the shared currency managed to gain as many as 200 pips. At the same time, we tend to be rather pessimistic on pair's future development, taking into account the long-term negative trend of the cross and a number of significant resistances ahead. They are likely to stop bulls around 1.26 and push the Euro to trade back in the direction of 1.24. Our view is supported by medium-term technical studies, while short-term  ones are mixed. Concerning distribution between long and short positions, at the moment it is perfectly balanced, while sentiment lost its mild bullishness during last several days.
© Dukascopy Bank SA
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