Lingrid

EURUSD growth and FALLING in pattern

Short
FOREXCOM:EURUSD   Euro / U.S. Dollar
Usually we consider the movement of this pair to more TF, but now I want to focus on the hourly movement of the euro-dollar.
As you can see at the end of November, the price received a strong growth momentum, broke through the historically strong support level and climbed to the next resistance line 1.217. After that, through pullbacks and corrections, a decline began in a small downward channel. Together with the impulse, the channel forms the Flag pattern.

At the beginning of this week, we saw how the price tried to break through the level during the fall, but met the support line of the 1.205 pattern and rose above the level again. Now it is in a minor retracement, which I perceive as a good signal for consolidation and growth.

I expect the price to first rise to the upper border of the 1.123 resistance line pattern, and then from there will reverse and fall to the lower border of the support line pattern.

I suppose that during the fall, the price will still be able to break through the level of 1.207.
The final target is thus the support line at 1.204.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

📚The BEST Trading Course: t.me/lingrid
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: bit.ly/3J4aRVE
🏆TOP Broker: lingridedu.com/brokerFXPro
🌎WebSite: lingrid.org
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.