EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair has been highly volatile on Friday following comments from the ECB. Despite a 205 pips hike, the pair is still moving in pattern's boundaries, however, according to technical indicators on a variety of timeframes, further appreciation is expected. At the same time, traders are less optimistic and opening short positions more often that long ones (65% bearish sentiment). Meanwhile, the single currency is sold in 61% of all cases, while the greenback is bought in 64% cases across the board. The next strong resistance for long traders is located around 1.389-39, represented by pattern's resistance, weekly R2 and a strong psychological level.
© Dukascopy Bank SA
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Mon, 30 Dec 2013 08:30:07 GMT

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