If someone has not noticed, then EURUSD has been in the falling channel for a year now and you should not buy it especially now. The price is near the important resistance line of the falling channel and until this line is broken, I do not recommend buying the euro. My forecast is that the price after touching this line will begin to fall, breaking through the strong support level of 1.11 with a target to level 1.1
May I make a different observation? We had a solid channel from 25 June 2019 through 1 October 2019. It is now breaking above that channel, including a test of the channel top as support on 15 October. It is possible we will see the last LL of that downtrend on 1 October and a change to an uptrend. The PA has also broken above the major resistance at 1.11090.
I will be looking for a pullback from the probable HH, and then a return to an uptrend.
Snysha
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@DocWonmug,
46/5000
I agree, I did a very similar analysis.
i agree with this analysis. definitely dropping as institutions take advantage of the news by SELLING high.
AkintaSam
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I don't know if you guys are looking the downtrend on the Daily time frame... Price is trying to reach the Fibonacci Retracement from June high to this month low, I think it might hit the trend resistance as well over there untill the full damand comes in.
I will be looking for a pullback from the probable HH, and then a return to an uptrend.