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EUR/USD Revealed Ascending Channel

The EUR/USD currency pair has revealed a medium-term ascending channel.

From a theoretical point of view, it is likely that the exchange rate could reverse north from the lower channel line. Note that the rate would have to exceed the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly R1 in the 1.2270/1.2290 range.

If the predetermined resistance holds, the currency pair could re-test the lower channel line located in the 1.2220/1.2240 area. Otherwise, the pair could target the resistance level at 1.2340.

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