• In the chart above, I highlighted two chart patterns • 1: Triangle which I talked about in my last posts • 2: Ascending channel in which the pair is trading now • There was a breakdown from the triangle which hit the target exactly as per the measurement rule and even lower (120 pips) • The pair found some support near multi year support at 1.0340-50 and has been rallying since then • The Euro is now trading inside an ascending channel and bulls are in control so far • A breakdown of the lower trend line (support) of this channel will signal the resuming of the downtrend • The rally met resistance at 1.0760, the previous support turned resistance • In case of a breakdown; first, second and third support are highlighted on the charts: 1.0640, 1.0470 and 1.0340 respectively
Good luck
Comment
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As described in my previous analysis, the pair broke the channel and the first target was met