EUR/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair is constantly hovering to the downside since beginning of September. However, just recently it managed to bounce from the lower boundary of the bearish channel and is now heading to the upside. The move is supported by slight bullish majority among SWFX traders, more than 53% of whom hold bullish positions on the single currency. Moreover, technical indicators give positive signals on four-hour time-frame. It is strengthening opinion that the currency cross is possibly too oversold for the time being, as suggested by long-term Stochastic indicator. Still, we predict the pair to reach the upper trend-line at 1.2747 before any further development.
© Dukascopy Bank SA
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