EUR/USD is currently in a downtrend and trading within a developing channel pattern.
The structure isn’t fully formed yet, but a minor upward move is likely in the short term, toward a key resistance area where two resistance levels intersect.
This confluence increases the probability of a downward reversal from that zone.
However, in the event of NFP news triggering a bullish breakout above resistance, the pair could shift to the upside.
We’ll wait and see how price reacts at this critical level.
The structure isn’t fully formed yet, but a minor upward move is likely in the short term, toward a key resistance area where two resistance levels intersect.
This confluence increases the probability of a downward reversal from that zone.
However, in the event of NFP news triggering a bullish breakout above resistance, the pair could shift to the upside.
We’ll wait and see how price reacts at this critical level.
Trade active
Short It Note
if this current candle closes above trendline resisance the bearish setup will be no more valid. let us wait and see.Trade closed: stop reached
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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.