EURUSD Channel Up aims at the higher Resistances.

The EURUSD pair has been trading within a Channel Up pattern since the November 15 High. The price bounced today on the 4H MA50 (blue trend-line) which is encouraging for the upside but the bottom of the Channel is around 1.03650.

A bounce there aims at the 1.06135 Resistance (1) and further break can make a Higher High near the 1.07925 Resistance (2). A break below the Channel, has high probabilities of testing the 1D MA50 (yellow trend-line) with the Support being lower on the September 28 Higher Lows trend-line.

On the 4H time-frame the strongest buy signal is when the RSI enters 38.00 - 30.00.


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