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DeGRAM
Apr 5, 2024 11:47 AM

DeGRAM | EURUSD reached 62% retracement of the channel Short

Euro Fx/U.S. DollarFXCM

Description

EURUSD is in a global descending channel.

The price reached the dynamic resistance, where it formed doji at the top, which signals the weakening of the bullish momentum.

After the pullback, the price tried to break the resistance where it formed a candle with a long upper shadow, which also indicates the weakness of the buyers.

We expect a retest of the 50% retracement level and then a decline to support.


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Trade closed: target reached

Comments
Setupsfx_
I think price will likely to continue the bullish momentum. let's see how it works out.
DeGRAM
@Setupsfx_, let see =)
DeGRAM
Good luck in the markets and have a great trading week!
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