EUR/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency in the previous weeks has formed an ascending channel pattern against the US Dollar, as the currency exchange rate has broken out of a previously active medium scale descending channel pattern. The break out and the channel up pattern formed in the aftermath of the rate reaching the lower trend line of the almost three month old, large scale ascending channel pattern. Most recently the pair touched the medium term pattern's upper trend line, which indicates that the pair is set to decline in the short term. It is possible that it will fall down to the 1.0641 level, where the 23.60% Fibo is located at and provides support to the pair.
© Dukascopy Bank SA
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