Lower parallel holds again on weekly close.

Euro has been testing the lower parallel of ascending channel a number of times in the past months, giving us a stronger conviction that the bottom is in, from a sentiment/technical approach. Fundamentally the Eurozone still looks very weak, however the US economy is also showing weakness and will probably slow at a faster pace than the Eurozone and rate of change is all that matters (IMHO).

From an entry stand point, i think you already missed the perfect entry, which was last weeks daily 'pinbar' rejection from lower parallel.

Daily time frame
Descending channel looks pretty decent, with multiple bounces from lower parallel and overall slope seems to work.

4-Hourly time frame
Ascending channel not yet confirmed, but looks OK for now, wouldn't trade from it yet.

Transaction en cours:

If lower parallel holds, there might be an entry, with a stoploss somewhere around 1.1170.

Commentaire:

Looks like the 2018 low is going to hold on a daily close basis.