EURUSD most recent decline occurred on February 25th and has been in an attempted recovery mode from March 31st.
- Today, we see the break of a channel and a new lower high suggesting a a continuation of the overall trend.
- What I am waiting for is a break of tested support followed by a retest to provide an opportunity for a short position to move in towards the previous low on March 31st.
- Incase of a double bottom my personal style will be to ride the trade part of the way to the March 31st low and get out with my profit incase we find ourselves a new higher low on the HTF's suggesting a reversal in direction.
- The movement I am seeing on EURUSD is being mirrored by EURGBP for added confluence. My eyes will be checking EURJPY and EURUSD for further case building.
Note - The arrow displays only the expected general movement of price, it is not precise to the pip of where price may fall and pullback to.