Dukascopy

EUR/CZK 1H Chart: Upside potential

FOREXCOM:EURCZK   Euro / Czech Koruna
The Euro has been appreciating against the Czech Koruna since the currency pair reversed from the lower boundary of a long-term ascending channel near the 25.40 mark.

Given that the exchange rate is being supported by the 55-, 100– and 200-period SMAs (4H), it is expected that the rate targets the Fibonacci 0.00% retracement at 26.16. Technical indicators for the short run also support bullish scenario.

The general price movement is expected to be upside within the following weeks until the upper channel line near 26.35 is reached.
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