EUR/USD - Downtrend Channel Continuation?
Chart Legend:
R= Resistance
S=Support
Blue lines= downtrend channel
M.S (orange line)= Minor Support
Analysis:
Major Trend: Downtrend
As we can see, EURUSD is in a downtrend channel, so let's follow the trend and only make short positions!
According to MACD, It's giving us a down signal (fast line crossed below the slow)
There are two options here for an entry:
(1) - Enter right now close to the M.S and put a stop loss around 1.22 and take profit at the S (1.05) .
(2) - Wait for the touch on the upper line of the downtrend channel, and put a stop loss at 1.25 and take profit at S (1.05).
Mind you, it can also just break the downtrend channel , that's why you should always use stop loss!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
R= Resistance
S=Support
Blue lines= downtrend channel
M.S (orange line)= Minor Support
Analysis:
Major Trend: Downtrend
As we can see, EURUSD is in a downtrend channel, so let's follow the trend and only make short positions!
According to MACD, It's giving us a down signal (fast line crossed below the slow)
There are two options here for an entry:
(1) - Enter right now close to the M.S and put a stop loss around 1.22 and take profit at the S (1.05) .
(2) - Wait for the touch on the upper line of the downtrend channel, and put a stop loss at 1.25 and take profit at S (1.05).
Mind you, it can also just break the downtrend channel , that's why you should always use stop loss!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
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.