EURUSD going DOWN, following the DOWNWARD Channel path in 4hr.
EURUSD started to show exhaustion in a form of a sideway channel between 1.22400 and 1.22000 and proceeded to Downtrend. Since then the pair has been following a Downward channel-patterned movement.
SIGNAL:
As the rules to trade channel dictates:price went for Upswing and found Resistance on the Channel(notice the reversal candlesticks around the Resistance). After an upswing move in 4hr, the Bulls did not have enough momentum to push price further up, until the Bears got in control and has been pushing price down. Evident from price intersecting HH's and HL's of the previous upswing.
CONCLUSION:
SL:1.13837
SSP1:1.13021
SSP2:1.12712
TP:1.12174
SIGNAL:
As the rules to trade channel dictates:price went for Upswing and found Resistance on the Channel(notice the reversal candlesticks around the Resistance). After an upswing move in 4hr, the Bulls did not have enough momentum to push price further up, until the Bears got in control and has been pushing price down. Evident from price intersecting HH's and HL's of the previous upswing.
CONCLUSION:
SL:1.13837
SSP1:1.13021
SSP2:1.12712
TP:1.12174