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EUR/USD managed to escape the downtrend channel on the hourly chart we discussed beforehand. The pair made a move higher in the Asian session, rising as high as the 1.3060. Also the time that passed by helped it, as seen on the chart.

Euro/dollar didn’t make a decisive turn to the upside, but only moved a bit higher. Where will it go from here?

EURUSD Above Downtrend Channel on hourly chart April 25 2013

Analysis:  If it goes up, it’s probably going higher, but if it comes down, it may go lower

German figures hurt the euro yesterday, with the IFO figure falling below expectations. In addition, expectations for a rate cut have moved around during the day.

For more, see the EUR/USD forecast.