As I said last week, the price is moving in an upward channel that starts in February 2020. This channel is formed between the lines of support and resistance, but there is also another important line in the middle of the channel, which currently acts as resistance. This line was formed in December 2019.
In early January, the price came to the resistance line and bounced off it at the point 1.233. During the fall, the price was able to break through the resistance level 1.221, and then the resistance line 1.214.
It is important to note that the resistance level to which the price corrected during the fall exists on the chart from the very beginning of the movement of the currency pair. The fact that the price fell from him is expected. I also expect the price to continue falling and eventually come to the bottom of the channel. But first, the price will correct to the resistance line 1.218. And then it will continue to fall. Thus, I expect the final target - the 1.194 support line.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Since September the price could not go down to the lower channel line! I think it will take a long time again!📉
Lingrid
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@Solldy, time will tell, but thank you for your feedback)
DARK_SHARK66
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so there will be a correction in this idea too,i have another idea that price will comes up to 1.23236 make an even high( double top) and then fall ,tnx
Lingrid
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@DARK_SHARK66, thank you for sharing your thoughts I really appreciate them)