Get started
JayanVarsani

EUR/USD - BOUNCE ZONE REACHED | DESCENDING CHANNEL BULL FLAG?

Short
Euro / U.S. Dollar (FX:EURUSD)  
JayanVarsani  
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Chart Patterns Technical Indicators fx Currencies EURUSD GBPUSD dollar USD EUR Gold Oil
4
0
trendanalysis chartpattern indicator fx currencies eurusd gbpusd dollar usd eur gold oil
  • Descending channel has been observed over the past few weeks with EUR/USD.
  • There is high chance this is consolidation behaviour and the channel could break out to the upside.
  • There is chance for a breakout at the current level as price has reached the top channel however I believe there could be 1 more leg down to the bottom channel and 4H 100MA.
  • Short position to be placed with a fair sized stop due to wicky behaviour at the this level.
  • However under the strict condition that once price closes above the channel, the position will be manually closed.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.