Hi Traders!
The main concept of this idea is that the market broke the ascending daily trendline in the past.
Since then, it is moving lower in a tight descending Parallel Channel.
As the upper Channel "measures the Trend Change" we see that the market tends to make a Trend Change, because
it is more touching the upper TL than the lower TL.
That's why we think it will pullback.
After the Pullback, it is possible that it continues lower.
Here the indications which supports our view:
The first target would be the nearest Top at around 1.24000.
The last Target would be around the next psychological level of 1.25000.
If you would like to know more about the thinking process of this trade, feel free to comment!
Thanks and successful Trading :-)!
The main concept of this idea is that the market broke the ascending daily trendline in the past.
Since then, it is moving lower in a tight descending Parallel Channel.
As the upper Channel "measures the Trend Change" we see that the market tends to make a Trend Change, because
it is more touching the upper TL than the lower TL.
That's why we think it will pullback.
After the Pullback, it is possible that it continues lower.
Here the indications which supports our view:
- Downwards Movement --> daily Trendline Break
- Going Up --> Touching the upper TL of the descending Channel
- Going Up --> MACD shows Divergence
The first target would be the nearest Top at around 1.24000.
The last Target would be around the next psychological level of 1.25000.
If you would like to know more about the thinking process of this trade, feel free to comment!
Thanks and successful Trading :-)!
