EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD received the most recent bullish momentum from the cluster of support levels at 1.11 (monthly PP, 200 and 100-period SMAs). Therefore, it is now expected to test the monthly R1 at 1.1366 for second time in two weeks, as the latest attempt to penetrate this mark was unsuccessful. In case bulls manage to accomplish this short-term goal, then the next target for them will become the pattern's resistance at 1.1656, which is reinforced by the weekly R2 at the moment. In the meantime, downside risks are not off the table. Daily and weekly technical indicators are mixed for the time being, while the number of short open positions (54%) prevails over the share of bullish ones (46%).
© Dukascopy Bank SA
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