plancton0618

EURUSD testing a monthly trendline (Monthly/Weekly)🦐

FOREXCOM:EURUSD   Euro / U.S. Dollar
On the monthly chart (left side) EURUSD creat again a retracement till the 0.618 fib level as it happpen already previously.
The market anyway didnt create new lows before the retracement.
Price now is approaching the monthly discending trendline and we can expect 2 different scenarios.
On the weekly chart the price could break above the trendline (purple) and consequently the weekly resistance zone .
In that case at the retest of it we will check for a long position according with our strategy.
We can also see that the market never went to look for a retracement in almost 8 weeks
In that case if the market will break below the weekly support we can set a short order looking for a retracement till at least the 0.382 of the previous leg.

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