EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is surging against the Greenback in a short term ascending channel. Meanwhile, the rate is also simultaneously trading in two descending channels. The short term channel up pattern is a representation of the rates rebound from the medium term descending pattern's support line, and the medium term channel is such a type of rebound from the large scale pattern. The pair is about to approach an intersection of all of the three channel upper trend lines near the 1.0440 mark. Due to that it can be assumed that the common European currency is set to bounce off the resistance cluster and continue the general decline against the US Dollar.
© Dukascopy Bank SA
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