EUR/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The recent rebound of the Euro against the US Dollar was caused by the lower trend line of a large scale ascending channel pattern. As a result of that a medium term ascending channel has formed. The channel is aimed at the resistance of the 38.20% Fibonacci retracement level, which is located at the 1.0828 level. The Fibonacci retracement levels for this pair are measured by connecting the 2017 low level with the high level of May 2016. It is highly likely that the pair will bounce off from the retracement level and with it the borders of a different medium scale pattern will be revealed. On the other hand the French presidential election might reveal a large enough shift in the fundamentals, that either of the dominant channel's trend lines is reached in a moment's notice.
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Thu, 20 Apr 2017 11:40:37 GMT

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