EURUSD bearish continuation ..the week of 03 Oct 202
This pair has been bearish since May 2021, for the most part has been respecting previous significant levels (areas). Price broke below the psychological round number 1.000 recently and made it as low as 0.9537 before it started pulling back. This retracement went as far as 61.80% and now it looks like a trend continuation may has begun. The candle of Fri can best be described as indecision.
Let us go down to the H1 chart and look at recent price action.
Price has been moving in an equidistant channel, note the recent larger bearish candles and also that the most recent PA has been restricted to the bottom half of the channel. We have also begun a sequence of lower low and lower high. IMO this marks an early sign that we are resuming the prior bearish down trend.
Targets to the downside are located at 0.9590 followed by 0.8890 region.
Always use sound money and risk management and stay patient in all your trades.
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Let us go down to the H1 chart and look at recent price action.
Price has been moving in an equidistant channel, note the recent larger bearish candles and also that the most recent PA has been restricted to the bottom half of the channel. We have also begun a sequence of lower low and lower high. IMO this marks an early sign that we are resuming the prior bearish down trend.
Targets to the downside are located at 0.9590 followed by 0.8890 region.
Always use sound money and risk management and stay patient in all your trades.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade active:
Working well as expected, we are about halfway to target.