EUR/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most popular currency pair is heading for the best run of gains since November 2013. The advance has been developing within the trend-lines of a 150-bar long channel up pattern that originated at a two-month low of 1.3476.
Now the currency couple is trading at a three-year high of 1.3948 and considering that it has already breached the daily resistance at 1.3930 that acted as the last defence against a rally towards the pattern's upper limit, the likelihood of a bullish breakout is relatively high. This is further bolstered by the market sentiment-62% of positions are long.
© Dukascopy Bank SA
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