EUR/CZK 1H Chart: Pair returns to ten-month high

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

EUR/CZK reversed from the senior channel at 25.95 late in May and began edging lower. This movement downwards was halted by the 50.00% Fibonacci retracement at 25.00. 

The Euro has since remained near the bottom boundary of a newly-drawn junior pattern, thus showing that the bullish momentum which has prevailed in the market since mid-April is starting to allay. The pair re-tested the senior channel—its highest position since October 2018— again this week.  

It is expected that the pair continues to decline, setting the senior channel line near 25.35 as a possible target within following two or three weeks. The nearest support of importance is the junior channel, the 38.20% Fibonacci retracement and the 200-period (4H) SMAs at 25.70.

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