RLinda ! EURUSD-> Distribution after channel breakdown

9 set 2022

EURUSD The global trend on the chart is bearish and after a false breakdown of the level 1.00036, the price breaks up the local downtrend and heads towards the resistance zone.

We see a local consolidation between the resistance of the descending channel and the level 1.000, after the price fixes above the descending channel a strong momentum of 100 pips is formed and the price heads to the channel resistance.

Preconditions for the fall from the resistance zone are: a global downtrend, strong trend resistance and distributive upward movement, I assume that the price will not have the energy to go up out of the global channel and we will see a pullback. The short-term target is support at 1.0000.

Regards R. Linda!