EUR/CZK 1H Chart: Rising wedge in sight

Source: Dukascopy Bank SA

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

The Euro has been appreciating against the Czech Koruna after the currency pair reversed from the lower boundary of a long-term ascending channel at 25.43.  

As apparent on the chart, the rate has been trading in a rising wedge since the end of September. The pair's neat movement in this pattern suggests that its next move should be north towards the Fibonacci 23.60% retracement at 25.94.  

The general price movement is expected to be upside within the following weeks until the 2018 high is reached at 26.14.

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