EUR/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency recently confirmed an ascending channel pattern against the US Dollar, as the currency exchange rate is slowly rising next to the pattern's support line, in which it finds support. The pattern's lower trend line is also supported by the 55, 100 and 200-hour simple moving averages respectively at 1.1157, 1.1151 and 1.1137, and the newly formed weekly pivot point at 1.1153 also strengthens the pattern's support line. As the Euro appreciates against the Greenback, it faces only one resistance line on its way to the pattern's upper trend line at 1.1250, and the resistance is the weekly R1 at 1.1235. In the meantime, a surge is also supported by the fact that daily aggregate technical indicators forecast a surge for the pair during today's trading session, and the SWFX market participants have open 58% of short positions of the currency pair, which is close to being oversold in the EUR/USD pair's case.
© Dukascopy Bank SA
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