© Dukascopy Bank SA
For more than 200 hours already the single European currency has been appreciating relatively to the U.S. Dollar, thereby forming a channel up. Still, we must note that the boundaries are not perfectly parallel—the upper trend-line is slightly less sloped than the lower one, meaning there is a slim chance this being a rising wedge, but we favour the former idea, considering that most of the technical studies are pointing upwards. However, we should expect bearishness in the short run, since the pair is trading near the resistance at 1.3302 and is therefore inclined to drop through the nearest daily pivot levels, down to 1.3214.
© Dukascopy Bank SA