The EUR/USD pair is trading within a downward trend, confined within a parallel channel on the 4-hour chart. The channel's strong inclined resistance and support lines have been dictating the price action.
(Current Market Scenario)
The pair has reached the resistance line of the channel and has experienced a reversal, indicating a potential move towards the support line.
(Technical Indicators Also Support Sell Opportunity)
The 50 Exponential Moving Average (EMA) and 100 EMA are currently in a bearish crossover. The 50 EMA (red line) is below the 100 EMA (blue line), indicating a sell opportunity. This bearish crossover, combined with the reversal from the resistance line, strengthens the case for a potential downward move.
Trading Plan:
Sell Entry: 1.04200
Stop Loss: 1.04800
Target Prices:
1. TP1: 1.03700
2. TP2: 1.03200
3. TP3: 1.02700
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(Current Market Scenario)
The pair has reached the resistance line of the channel and has experienced a reversal, indicating a potential move towards the support line.
(Technical Indicators Also Support Sell Opportunity)
The 50 Exponential Moving Average (EMA) and 100 EMA are currently in a bearish crossover. The 50 EMA (red line) is below the 100 EMA (blue line), indicating a sell opportunity. This bearish crossover, combined with the reversal from the resistance line, strengthens the case for a potential downward move.
Trading Plan:
Sell Entry: 1.04200
Stop Loss: 1.04800
Target Prices:
1. TP1: 1.03700
2. TP2: 1.03200
3. TP3: 1.02700
Follow my professional profile to Get More Profitable Ideas.
Trade active
Take profit 1 Done.
It has gotten reversal after touching TP1 Close 30% Trade and give hold to remaining entries Upto the Target, soon it will fall again.
Trade closed: target reached
All Take Profits Done.
Close Sell Entries it may go up again to keep it's flow in parallel channel.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.