EUR/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Both the short- and long-term outlooks on EUR/USD are bullish. Today the currency pair is expected to extend its current rally up to 1.1470/60, where we expect the Euro to start a downward correction. The downside, however, is limited, and not only by the lower boundary of the channel, but also by the rising support line that was established in March. There is also a strong demand area near 1.1374, represented by the 200-hour SMA. In the longer-term perspective, the rate should be aiming for 1.1494, namely the 2015 October high. Distribution between the bulls and bears in the SWFX market favour appreciation of the European currency—39% of open positions are long and 61% are short.
© Dukascopy Bank SA
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