FX:EURUSD   Euro Fx/U.S. Dollar
Here we have the EURUSD             on the weekly timeframe . Looking at the general movement of price before looking for a pattern, there is a temporary ranging market inside a clear sideways channel at a strong point of resistance (1.05). General price movement dictates that the more the price tests support, the stronger the support level . Which leads to a bigger move if price were to break! Due to the recent strengthening of the dollar, we are likely looking at a potential break of support and price dropping further to previous resistance around the 1.00 mark. With clean break and a 500+ pip drop there may be plenty opportunity to enter short positions.
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Kyle McQuade, student of Six Figire Capital
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