EUR/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair reached almost a two-month low of 1.3105 in the beginning of September, when the formation of the channel up pattern started. One week later, the shared currency commenced to appreciate against its U.S. counterpart, hitting almost a one-month high of 1.3386 in mid-September. Currently EUR/USD is vacillating slightly above its 50-hour SMA at 1.3327, and to confirm the bullish traders' sentiment, the pair will have to overcome the resistance zone at 1.3338/43 (four-hour R1, R2). A breach through this region is likely to give the pair an impulse for further advancement to the daily pivot point at 1.3350 that may alleviate buying pressure.
© Dukascopy Bank SA
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