As it can be inferred from the DAILY timeframe chart, the price of EURUSD is trading within the borders of the descending channel illustrated on the graph. The price has been dropping for quite a while. As we know, after an impulsive move, a correctional one is needed. Thus, multiple confirmations are lining up and making us confident in the fact that bullish moves are around the corner.
Firstly, looking at the previous DAILY timeframe candlestick pattern, we can observe that a nice pin-bar candle has been printed and been able to reject the lower boundary of the channel.
Zooming into lower timeframes, we can witness some consolidations around the local zone. Hence, we are gonna monitor the price action and look forward to entering long positions. Our initial target will be set at the zone of the upper barrier of the descending channel that nicely lines up with the area of the previous support now turned resistance. At the same time, the same zone matches with the 0.618 Fibonacci retracement level.
Happy trading, family!
Firstly, looking at the previous DAILY timeframe candlestick pattern, we can observe that a nice pin-bar candle has been printed and been able to reject the lower boundary of the channel.
Zooming into lower timeframes, we can witness some consolidations around the local zone. Hence, we are gonna monitor the price action and look forward to entering long positions. Our initial target will be set at the zone of the upper barrier of the descending channel that nicely lines up with the area of the previous support now turned resistance. At the same time, the same zone matches with the 0.618 Fibonacci retracement level.
Happy trading, family!
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