EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded cross resumed rallying rapidly in the early morning on Tuesday, after spending some time near the lower trend-line of the bullish channel. The pattern is now implying a strong recovery in the direction of 1.1550 area, where weekly R2 coincides with the upper edge of the figure. On the way to the north, EUR/USD will face two difficult resistance zones at 1.1390 and 1.1450. The first is represented by the weekly pivot point and 100-hour SMA just 10-15 pips from the spot. Even though daily indicators are positive, their optimism is not shared by short and medium term studies. Moreover, 56% of all SWFX open trades are short, which raises the risk of a failure at any of mentioned supply zones.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.