Let's take a look at the incredible price action that we have on EUR/USD.
First of all, living in the EU-zone, I am deeply saddened that EUR is melting like Carte D'Or ice cream in the middle of boiling La Côte d'Azur. However, being traders, bull or bear, we have an ability to benefit from every scenario.
Taking a look at the DAILY timeframe chart, it can be inferred that a nice descending channel has been formed and the price is ranging within the borders of it.
Zooming into lower timeframes, it can be observed that the price has nicely rejected the lower boundary of the channel, which gives us enough confidence that the price might keep growing. With the overall sentiment of the market being bearish and having considered the weakness of the EUR, we are only looking for short and middle-term long positions.
The zone of the upper boundary of the descending channel looks like a potential Take Profit level. The fact that it nicely aligns with the zone of previous support later turned resistance that lines up with the 0.618 Fibonacci retracement level gives us enough confidence that this particular area might act as a zone of reversal.
Happy new trading week, family!
First of all, living in the EU-zone, I am deeply saddened that EUR is melting like Carte D'Or ice cream in the middle of boiling La Côte d'Azur. However, being traders, bull or bear, we have an ability to benefit from every scenario.
Taking a look at the DAILY timeframe chart, it can be inferred that a nice descending channel has been formed and the price is ranging within the borders of it.
Zooming into lower timeframes, it can be observed that the price has nicely rejected the lower boundary of the channel, which gives us enough confidence that the price might keep growing. With the overall sentiment of the market being bearish and having considered the weakness of the EUR, we are only looking for short and middle-term long positions.
The zone of the upper boundary of the descending channel looks like a potential Take Profit level. The fact that it nicely aligns with the zone of previous support later turned resistance that lines up with the 0.618 Fibonacci retracement level gives us enough confidence that this particular area might act as a zone of reversal.
Happy new trading week, family!
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.
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.