EURUSD - 1D - Broken Channel Retest
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Underlying: EURUSD
Time frame: 1D
Recently I posted a chart of this pair in a trading range, it had hit the support and resistance several times before then breaking down.
Now it has broken down I am looking for support to kick in around 1.18 - 1.725 as this, if we look left on the chart was historic resistance and then support. If you then draw your attention to the MACD I have shown an arrow. If you look at the EMAs (orange and blue lines) you will see they are getting further apart from each other. This will not keep going and will eventually see a reversal.
Keep a close eye on this as you will see a bounce at some point!
Underlying: EURUSD
Time frame: 1D
Recently I posted a chart of this pair in a trading range, it had hit the support and resistance several times before then breaking down.
Now it has broken down I am looking for support to kick in around 1.18 - 1.725 as this, if we look left on the chart was historic resistance and then support. If you then draw your attention to the MACD I have shown an arrow. If you look at the EMAs (orange and blue lines) you will see they are getting further apart from each other. This will not keep going and will eventually see a reversal.
Keep a close eye on this as you will see a bounce at some point!
Nota
So it looks like we have already bounced from that zone. Those who got in when posting are with a 40 pip profit already. Feel free to keep the trade open and move stops to breakeven to reduce some risk.
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