EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on EUR/USD is bullish, being that the currency pair has recently found solid support at 1.05 and has formed an upward-sloping channel. However, at the moment the Euro is facing significant downside risks. In order to confirm its intentions to move farther north, the price must eventually close above 1.15. The initial test of this resistance is likely to result in a sell-off, which should be stopped by the lower trend-line of the channel. Then the bulls will have a good opportunity to regain control of the pair. Meanwhile, the technical indicators are either mixed or bearish, and most (60%) the SWFX traders choose to be short the single currency.
© Dukascopy Bank SA
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