EURUSD: Testing the 1M Channel Down Lower High. Sell opportunity

OANDA:EURUSD   Euro / U.S. Dollar
EURUSD has been trading on a short term Channel Up on the 1D chart ( RSI = 57.390, MACD = 0.003, ADX = 31.865, Highs/Lows = 0.0004) since the November 29th Double Bottom . At the moment the price is testing the Lower High zone (orange shade) of the long term multi-month 1M Channel Down that it has been trading in since June 2018.

At first glance is seems to be struggling to break above it, which is a bearish sign. Having previous crossed above the 1D MA200 (orange line), the price action resembles that of late June, 2019 (circles on the chart), which also struggled to break into the Lower High zone (above the dashed black line) and was eventually rejected towards a new Lower Low within the 1M Channel Down.

We are expecting a similar behavior, as on top of that, the 1D RSI failed to break above a 6-month Resistance Zone . Short term traders may target 1.10650 and 1.09900 in succession. Long term traders can aim within 1.08900 (previous Lower Low of the 1M Channel Down) and 1.08440 (May 11th, 2017 Low).

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