EUR/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD is set to advance higher. At the beginning of March, the currency pair successfully tested the major support trend-line and thus confirmed its bullish intentions. Moreover, there is now an ascending channel emerging in the four-hour chart.

During the next several days, the price is expected to extend its latest recovery from the lower boundary of the pattern to the upper trend-line. This scenario is supported by the favourable signals provided by the technical indicators. There are also no counter-arguments from the SWFX sentiment side; quite the contrary, at the moment 41% of market participants are holding long and 59% are holding short positions.
© Dukascopy Bank SA

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