• In the chart above, I highlighted two chart patterns
• 1: Triangle which I talked about in my last posts
• 2: Ascending channel in which the pair is trading now
• There was a breakdown from the triangle which hit the target exactly as per the measurement rule and even lower (120 pips)
• The pair found some support near multi year support at 1.0340-50 and has been rallying since then
• The Euro is now trading inside an ascending channel and bulls are in control so far
• A breakdown of the lower trend line (support) of this channel will signal the resuming of the downtrend
• The rally met resistance at 1.0760, the previous support turned resistance
• In case of a breakdown; first, second and third support are highlighted on the charts: 1.0640, 1.0470 and 1.0340 respectively
Good luck
• 1: Triangle which I talked about in my last posts
• 2: Ascending channel in which the pair is trading now
• There was a breakdown from the triangle which hit the target exactly as per the measurement rule and even lower (120 pips)
• The pair found some support near multi year support at 1.0340-50 and has been rallying since then
• The Euro is now trading inside an ascending channel and bulls are in control so far
• A breakdown of the lower trend line (support) of this channel will signal the resuming of the downtrend
• The rally met resistance at 1.0760, the previous support turned resistance
• In case of a breakdown; first, second and third support are highlighted on the charts: 1.0640, 1.0470 and 1.0340 respectively
Good luck
Commentaire:
As described in my previous analysis, the pair broke the channel and the first target was met
Ramzi Abou Abdallah, CFTe, CMT
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