Hey traders. Thank you for the comments and boosts. Today's chart is Euro. Let's check it quickly.
We can see 1. the descending channel had broken. 2. the price is followin the ascending channel. 3. the price had reached top line of the ascending channel. 4. overlapped support on 1.04500 and overlapped resistance on 1.08000
We should check Thursday - UK GDP, US GDP, US Initial Jobless Claims Friday - US Core Durable Goods Orders, Core PCE Price Index, US Core PCE Price Index, US New Home Sales
We can expect 1. downward movement to overlapped support on 1.04500. 2. rebounding from 1.04500. 3. upward movement and drops from ovelapped resistance on 1.08000.
By the resistance of top line of the ascending channel, Euro price had downward movement. The price will keep dropping till middle line of the ascending channel and this will be our chance to have long position. On the other hand, if the price reaches top line of the ascending channel which is on 1.08000, this will be a chance to have short position. Let's see if the price moves as we analyzed.
Thank you for reading and hope this insight was helpful.