EUR/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been appreciating since the beginning of July. Five months prior to that it was trading in an almost 700 pip range between 1.345 and 1.275. At the moment it is moving towards the pattern's support. Although we see bullish periods, it seems that some bears are just capitalizing on their gains and, as suggested by the short term technicals, the pair should continue depreciating. Overall trend as suggested by the long term technicals, however, should remain bullish. On the pairs way to the pattern's support we could expect some bullishness from the recent (October) low as it was tested twice in the past few weeks.

© Dukascopy Bank SA
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