EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD has noticeably benefited from fundamentals that have been driving this currency pair this week. The Euro has already surpassed all available weekly pivot points of this week, and the only major supply is now represented by the monthly R1 at 1.1366. A breach of this line will provide bulls with an opportunity to push the Euro as high at 1.1669 during the next week. On the other hand, a failure to overcome this resistance may result in a drop as low as monthly PP at 1.1092 in the near-term. Aggregate daily technical indicators are supporting the second scenario. Moreover, distribution between long (46%) and short (54%) open positions is biased in favour of the latter.
© Dukascopy Bank SA
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