EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
The most popular FX cross is gradually moving to the North in order to reach its eventual mid-term target at 1.1412, namely the bullish channel's upper boundary. This one is guarded by the second daily support on Thursday. At the same time, the priority task for the bulls is a penetration of the weekly and daily R1s at 1.1335/50. Along with that, EUR/USD should breach the previous multi-month high and the Feb 8 maximum at 1.1338 at the same time. The positive scenario is broadly backed by hourly and daily technical indicators. Adding to that, 61% of all SWFX positions are short, meaning the likelihood of more fresh bullish than bearish trades appearing is higher at the moment.
© Dukascopy Bank SA
© Dukascopy Bank SA
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