After breaking the Bearish momentum in the first week of October, EURUSD started it gradual Bullish momentum in an Ascending Channel.
Few week ago, the pair made a breakout and started moving in second Ascending channel.
After hitting the top edge of the new channel, it started its corrective move.
Once it gave a false break out and then later resumed its downward journey.
Just yesterday, it bounced off from the median of the current channel, but after 66pips upward move it resumed its corrective movement.
A possible H&S pattern, if formed, can open way for the price to touch the lower edge of the active Ascending channel.
Above or at the median, I will take Short position, but once the price either breaks out of the current channel or go below the median, my preference will be Long position.
Few week ago, the pair made a breakout and started moving in second Ascending channel.
After hitting the top edge of the new channel, it started its corrective move.
Once it gave a false break out and then later resumed its downward journey.
Just yesterday, it bounced off from the median of the current channel, but after 66pips upward move it resumed its corrective movement.
A possible H&S pattern, if formed, can open way for the price to touch the lower edge of the active Ascending channel.
Above or at the median, I will take Short position, but once the price either breaks out of the current channel or go below the median, my preference will be Long position.