I will describe what the chart illustrates about the Euro Vs. U.S Dollar. A combination prediction of Trend reversal (short and long term), breakouts and pullbacks, with the most important figure of analysing charts and specific these market (The foreign exchange market, Forex, FX, or currency market) the Simplicity. No technical indicators no fundamentals.
First of all, the downtrend line works like resistance and from the history has been tested several times, this comes all the way back on 2018.
Fan line is the line inside the trend channel, is not an accelerate but works like that with one similar performance. If you move the mouse on the left you will see the formation of the and the support trend down line of this channel.
The close tonight shows the fight of the bulls and the bears on daily time frame and the successful retest and not yet bounce the fan line that we mentioned above.
I expect break of the resistance and the second try to printed enough strong for break it.
If the forecast proved successfully we can put new take profits targets of the major horizontal resistance key area, everything depends on the price action basically.
Retrospectively, I suggest to have always two plans, depending on how the market moves and after apply the propriate risk management with the stop losses and the lot size, to comes first.
From the finish of first week back to trading and 1 day off because the NYE, I am pretty confident and I close with profit of 346,56 Euro and not even 10% loss .
Thank You very Much About Your Time
Talk Again Soon
(Friday 01:05 Athens, Greece)