Hi Traders,
As we breakdown the Euro dollar chart, the price is still in an uptrend as per daily timeframe.
Price is testing a key support level at the 4H chart, which is in confluence with the 23.6 retracement level as per the daily chart.
if price manages to break this support, then it can easily test the daily trendline. If the price honors the support level then the break of the 4H chart trendline is most likely to happen.
The break of the 4H trendline will mark the end of the corrective downwave and can expect price to rally again.
A safer entry would b after the break of the support level to the downside with a target at the daily trendline or after the break of the 4H trendline to the upside.
For queries pls comment below and dont forget to like and follow for more....
Happy Trading
As we breakdown the Euro dollar chart, the price is still in an uptrend as per daily timeframe.
Price is testing a key support level at the 4H chart, which is in confluence with the 23.6 retracement level as per the daily chart.
if price manages to break this support, then it can easily test the daily trendline. If the price honors the support level then the break of the 4H chart trendline is most likely to happen.
The break of the 4H trendline will mark the end of the corrective downwave and can expect price to rally again.
A safer entry would b after the break of the support level to the downside with a target at the daily trendline or after the break of the 4H trendline to the upside.
For queries pls comment below and dont forget to like and follow for more....
Happy Trading