© Dukascopy Bank SA
Pair maintained mildly bullish sentiment whole July, but failed to advance further on the 8th of August (bumped in to the pattern's (1D chart) resistance) and dropped 250 pips. After that pair managed to pick the pace again and seems to be appreciating on a much higher pace than on July. As a consequence we have a high magnitude (of movement) Channel Up pattern at hand. At the same time, pattern's quality, however, is just slightly above the average and it is very hard to plan a longer tem trades. Especially due to the neutral outlook from the short and long term technicals, and mildly bearish signal from the medium term ones.
© Dukascopy Bank SA