EUR/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a jump to a two-year high of 1.3894 pushed the most traded currency pair lower, EUR/USD shaped a channel down pattern. A flow of upbeat data from the U.S. further exacerbated the selling pressure thus restricting the upside and forcing the pair to prolong the pattern. Now the currency couple is trading close to the upper boundary but it is not likely to penetrate this level given bearishness on the market (68.69% of market participants bet on depreciation of EUR/USD). Meanwhile, technical indicators are sending bullish signals for the medium term but are neutral for long and short terms.
© Dukascopy Bank SA
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