Lingrid | EURUSD channel BREAKOUT. Long from KEY level

The market is moving sideways after breaking the downward channel. EURUSD broke and fixed above the key level at 1.08000. The market tested the support, where the price rapidly changed direction after an impulse move down. If the price action pulls back to the support level and upward trendline, then we can look for entry signals from it. I expect some sort of rejection of the support level, followed by an upward move targeting the recent highs. My goal is the resistance at 1.08980


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

Comment:

The price perfectly fulfilled my last idea. The market moved up, but then it formed at the small range zone. You can see that the price made a similar move before the impulse leg was made, and then the market went sideways, followed by a new extension. I expect a pullback toward the channel border, grabbing liquidity below the Asian range, then a bullish move from the support level, potentially retesting the upward channel border from the support. My goal is the resistance around at 1.08787

Comment:

The market bounced off yesterday's support level. However, the price rolled back, closing the trade at breakeven. It made a resistance rejection, and it fell after forming a long-tailed bar on the daily timeframe. As you can see, the market is basically moving sideways within that bar. It formed the triangle pattern, which suggests the price is squeezed. I think if the price rejects the support zone, then we can look to buy from it. I expect a fake breakout of the support level and channel border, and then move up or continue ranging. My goal is the resistance zone around at 1.08530