The EURUSD pair has been trading within a (blue) 2-month Channel Up since the May 12 Low and it just broke below its 4H MA100 (green trend-line). The previous two Bearish Legs of this pattern bottomed (made a Higher Low) on or just above the 0.5 Fibonacci retracement level.
As a result, the price is very close to the most optimal buy level of this pattern and as long as it holds, we expect to start the new Bullish Leg and target the 1.5 Fibonacci extension (1.20000 our Target just below), which is in line with the previous two Bullish Legs.
If however the 4H MA200 (orange trend-line) breaks, we will take the loss on that long and go short as technically the price should seek the bottom of the (dotted) wider Channel Up. Our Target on that occasion will be 1.14000, right at the top of the High Volatility Zone.
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As a result, the price is very close to the most optimal buy level of this pattern and as long as it holds, we expect to start the new Bullish Leg and target the 1.5 Fibonacci extension (1.20000 our Target just below), which is in line with the previous two Bullish Legs.
If however the 4H MA200 (orange trend-line) breaks, we will take the loss on that long and go short as technically the price should seek the bottom of the (dotted) wider Channel Up. Our Target on that occasion will be 1.14000, right at the top of the High Volatility Zone.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.