EURUSD 4H Analysis
Updated
EURUSDIn a weekly downward trend, the euro is losing value relative to the dollar.
The bottom of the channel, which can be entered into a long position during lower periods, has experienced powerful movements in this channel's historical encounters with it.
Rectangle 1 is our first region to enter a long position; if the price can demonstrate strong support in its candlestick formations, we anticipate the euro to return to the mid-line area of the channel, then rectangle 2.
We should anticipate a price decline to at least this level if zone 1 is lost, which places 0.98711 as our next significant support if that happens.
The euro rate will approach around 3 in the medium term if the Central Bank of America maintains its policies and the state of stagnation in Europe persists.
The range of 0.98711 is the ideal stop for the long position in rectangle 1.
If the weekly channel is lost, the best stop-loss for the short position is above 1.00742.
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