EURGBP (Projection of possible opportunity zone)
I believe Forex traders should pay attention to the area ranging from approximately 0.84784 to 0.84569, as this zone marks the upper boundary of a downtrend channel that has been respected for an entire year. To further reinforce the upper part of the channel, the 20-month EMA is also positioned over this area.
Another detail related to price action is that the trend has moved without pulling back until nearly reaching the top of the channel, which increases the likelihood of a reversal.
This is just a projection of what could happen. I do not recommend entering the market without a prior pattern or formation to justify it.
Channels have been used for over a century due to their ability to clarify price action and highlight probable opportunity zones.
Another detail related to price action is that the trend has moved without pulling back until nearly reaching the top of the channel, which increases the likelihood of a reversal.
This is just a projection of what could happen. I do not recommend entering the market without a prior pattern or formation to justify it.
Channels have been used for over a century due to their ability to clarify price action and highlight probable opportunity zones.
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