update previous analysis: price has broken both an ascending channel and support zone, and has now retested said zone.(yellow circles) Im now anticipating that price should create a descending channel to the next zone of support. (red channel)
EURUSD has 2 broken ascending channels on the daily timeframe(red channels) and 3 rejections (yellow circles) off the top of a weekly channel (larger blue channel) serving as a 2nd sell confirmation. id say its a pretty solid sell to at least mid weekly channel around 1.15918. what do yall think?
EU has touched mid channel as predicted in previous analysis. I'm now expecting price to create either a short uptrend or a small area of consolidation on the 4hr chart. Then price should continue on its current downtrend to the next daily area of support within the boundaries of the red channel. (as indicated by the arrows)