EUR/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded cross resumed rallying rapidly in the early morning on Tuesday, after spending some time near the lower trend-line of the bullish channel. The pattern is now implying a strong recovery in the direction of 1.1550 area, where weekly R2 coincides with the upper edge of the figure. On the way to the north, EUR/USD will face two difficult resistance zones at 1.1390 and 1.1450. The first is represented by the weekly pivot point and 100-hour SMA just 10-15 pips from the spot. Even though daily indicators are positive, their optimism is not shared by short and medium term studies. Moreover, 56% of all SWFX open trades are short, which raises the risk of a failure at any of mentioned supply zones.
© Dukascopy Bank SA
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