Since 2017 mid-february, Eur/Usd stick in a 45° uptrend channel which is a healthy trend. However by the end of september prices have broken this channel back to the 1.17 support. By the end of october prices have broken the strong 1.17 support. Some would have called it a head and shoulders pattern.
At the moment prices are trying to retest it from below. In addition we have now a down trending line that strengthen the old support becoming resistance. If the resistance hold, we may see prices boucing on it with strengh that may break the 1.155 support. Just keep an eye on the price action around these levels.
What could explain a bearish move?
As you can see investors have already done lot of money on this channel.
In addition, we are getting into the end of the year what means traders may take off the profit they made and put it right into their pocket.
Keep consistent with your trading strategy, this is not the real thruth. This is only a logical analisys based on what matters the most: prices.
At the moment prices are trying to retest it from below. In addition we have now a down trending line that strengthen the old support becoming resistance. If the resistance hold, we may see prices boucing on it with strengh that may break the 1.155 support. Just keep an eye on the price action around these levels.
What could explain a bearish move?
As you can see investors have already done lot of money on this channel.
In addition, we are getting into the end of the year what means traders may take off the profit they made and put it right into their pocket.
Keep consistent with your trading strategy, this is not the real thruth. This is only a logical analisys based on what matters the most: prices.
Comment:
No reversing price action around the resistance level and the daily candle has closed above this level. You should consider waiting for a pullback to enter long. Anyway i won't short it