EUR/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD has been in an up-trend since mid-July, but the most recent 360 bars fit the description of the channel up the best. In order to confirm the pattern, boundaries of which were respected by the market only a few times, the currency pair needs to end the current bearish correction somewhere near the rising line that connects the troughs charted on Jul 18 and Aug 2, namely at 1.3264. However, prior to that the price will encounter the 200-hour SMA at 1.3298. Concerning the technical indicators, they are largely giving ‘sell' signals for the near term, a scenario also implied by the fact that EUR/USD has just bounced off the upward-sloping resistance line.

© Dukascopy Bank SA
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