EUR/USD Is Moving In A Bullish Channel

EUR/USD is moving in a bullish channel, which is especially noticeable on the 4H time frame.

That move to the upside within the channel began from 1.0340 on the 3rd January and continues to this moment. For now I expect it to reach the resistance trend line of that channel again.

Usually the best thing one can do during such a movement is to open a long position when the pair reaches the support trend line and to sell when it reaches the resistance trend line, while being on the lookout for any breakouts in either direction.

For the moment, however, the pair continues moving slowly to the upside, and I think that it will probably reach 1.0760 – 1.0780.  A move to the support trend line is also possible, toward 1.0620.

Apart from trading the movement within the channel one could alternately wait for a trend channel breakout, which requires a bit patience, analyze the pattern it formed, figure out its limit and trade that instead.