EURUSD - Daily
EURUSD is in an upward channel. We will be looking for long position entries should prices move towards support - timing wise, we will be looking around the green highlighted area. Hoping it does not look like a 'picture in the clouds' sort of idea with the short-term H&S reversal or looking longer-term, a H&S continuation pattern. I have witnessed stranger looking patterns complete successfully throughout my career to date! At Sanktuary, we are active traders and trade with relatively tight stops. The gap between pink support line and black neckline is sufficiently large enough to define two separate signals in terms of stopping out of long trade, and looking at a breakout trade should it occur - with entry being on a retest of the neckline, now acting as resistance. We do however, have a stronger view on the validity of the pink trend channel over the H&S pattern completing and thus will have a bullish view unless proved otherwise.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.