EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is in a good position to recover not only against the Turkish Lira, but also against the US Dollar. The currency is trading just at the lower boundary of the ascending channel and should therefore rebound from 1.0890. The rally will be challenged already at the level of 1.09 dollars by the weekly pivot point, but the price is likely to test the upper boundary of the pattern (1.10) before giving in to the selling pressure. The next potential objective will be the December high at 1.1060. Alternatively, if demand at 1.0890 proves insufficient to trigger the rally, the bears will probably push the price down to 1.0861/54, where the daily S1 merges with the 200-hour SMA.
© Dukascopy Bank SA
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