EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD keeps forming a bullish channel after bottoming out at the beginning of the previous week. Right now the currency pair is moving away from the lower boundary of the channel towards the resistance line at 1.11, though first it will have to overcome supply at 1.1018, namely the Jul 23 high, to confirm the positive outlook. In the longer-term perspective the Euro may be targeting 1.1216 (Jul 10 high). Meanwhile, even if the price closes beneath the lower trend-line, there is an additional support area around 1.0930, created by the weekly PP, Jul 24 low and 200-hour SMA. Nevertheless, the SWFX market is sceptical about a rally, as only 42% of open positions are long.
© Dukascopy Bank SA
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