EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been strongly bullish since it bottomed out in April near 1.1220, and the chances are the single currency will keep moving higher. EUR/USD is trading next to the lower boundary of the emerging channel at the moment, which implies a rally from the current levels towards 1.16, where the rate is expected to meet the upper boundary of the pattern. Another argument in favour of a stronger Euro is the fact that the share of bears exceeds the share of bulls by 28 pp, meaning the instrument is oversold. Alternatively, in case the price closes under the green trend-line, our focus will shift towards 1.1390/80, where the weekly pivot point joins forces with the seven-day up-trend.
© Dukascopy Bank SA
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