RLinda ! EURUSD-> Distribution after channel breakdown
EURUSD The global trend on the chart is bearish and after a false breakdown of the level 1.00036, the price breaks up the local downtrend and heads towards the resistance zone.
We see a local consolidation between the resistance of the descending channel and the level 1.000, after the price fixes above the descending channel a strong momentum of 100 pips is formed and the price heads to the channel resistance.
Preconditions for the fall from the resistance zone are: a global downtrend, strong trend resistance and distributive upward movement, I assume that the price will not have the energy to go up out of the global channel and we will see a pullback. The short-term target is support at 1.0000.
Regards R. Linda!
We see a local consolidation between the resistance of the descending channel and the level 1.000, after the price fixes above the descending channel a strong momentum of 100 pips is formed and the price heads to the channel resistance.
Preconditions for the fall from the resistance zone are: a global downtrend, strong trend resistance and distributive upward movement, I assume that the price will not have the energy to go up out of the global channel and we will see a pullback. The short-term target is support at 1.0000.
Regards R. Linda!
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