EUR/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
From the technical perspective, the Euro is likely to gain value during the next several days. First of all, the most popular currency pair has broken the eight-month down-trend resistance line, which exposed 1.15. Secondly, the price has already managed to form a channel, within the boundaries of which it is expected to ascend to the October 2015 high. Thirdly, the technical indicators, both in the four-hour and daily charts, are mostly pointing north. In addition to this, the number of short positions (58%) exceeds the number of longs (42%), meaning selling pressure is to stay depressed. Even if for some reason the exchange rate dips under 1.1370, the pair will still have a good chance of rebounding from the recently broken trend-line at 1.13.
© Dukascopy Bank SA
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