EUR/USD overcomes weekly R1

EUR/USD has finally broken free from the flat channel it has been trading within during the second part of September. Now the currency is set to challenge the weekly R2 at 1.3609, one of the two resistances that stand in the price's way towards the February high at 1.3711, the other one being the weekly R3 at 1.3655. However, the rally may not last for long, considering the presence of the major down-trend resistance line and the monthly R2 at 1.3862.

Even though for a few days the Euro has been growing in popularity and the Dollar has been becoming less frequently preferred to its counterparts, the tendency has reversed. At the moment 62% of SWFX marketplace traders reckon that the single currency is going to underperform relative to the buck.