EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than four months the most traded currency pair has been following a strong uptrend and formed channel up as well as rising wedge patterns. Both of them are reflecting strength of bullish presence in the market. Even though at the moment of writing 61.38% of all opened position were short, the pair is trading just 30 pips below the strong resistance at 1.37, which in case is penetrated, puts 1.40 on the map. According to aggregate technical indicators after a period of consolidation the single currency may advance even further, and the next strong resistance line could be found at 1.3719– pattern's resistance, while at 1.3765 is located weekly resistance.
© Dukascopy Bank SA
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