Euro / U.S. DollarUpdated EURUSD Trade Idea
EU is currently in an uptrend, but the recent price action has shown some short-term bearish sentiment. We had an ascending channel violated result from a fall from 1.23480 high towards 1.2061 support zone (valley of the ascending channel). EU has rejected twice from the bottom band of the flag (bearish continuation pattern). There are two setups that I am looking at
1. Further bearish continuation towards the 1.2060 support zone. (Bearish)
2. If we notice strength in EU sending it above the 1.2150 minor resistance zone, that could expose 1.2217 next minor resistance zone (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
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1. Further bearish continuation towards the 1.2060 support zone. (Bearish)
2. If we notice strength in EU sending it above the 1.2150 minor resistance zone, that could expose 1.2217 next minor resistance zone (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.