The euro-dollar pair is currently rising within a channel visible on the 4-hour chart, if it continues it could reach the upper channel line at 1.2360, however, any higher would be less likely. The pair has formed a head and shoulders pattern and if it breaks down below the neckline at 1.2225 then there is the possibility that it could make it all the way down to 1.2060 fulfilling the down-target for the pattern.
Written by Forex4you