EURUSD Parallel channel was broken
EURUSD
As the stimulus talks in the USA and the Brexit talks between Europe and England are the influencing EURUSD in recent days as the hopes for the Second stimulus talks are fading slowly the USD is gaining some of the earlier loses which incurred in the previous month as the speculators and investors shifting their net long position to net
short position.
In this chart we can clearly see the channel break and retest around .618 Fibonacci retracement level which is a clear sign of Bearish trend and the downward swing target would be 1.15000 which is 1.272 Fibonacci swing target level. The series of
consolidation phases has some clue about the upcoming market moves we can easily predict the possible moves with accumulation and distribution phases
If the 1.7650 level was firmly broken then 1.18123 will act as major resistance for the bull and its coordinates with middle line of the upward parallel channel
As the stimulus talks in the USA and the Brexit talks between Europe and England are the influencing EURUSD in recent days as the hopes for the Second stimulus talks are fading slowly the USD is gaining some of the earlier loses which incurred in the previous month as the speculators and investors shifting their net long position to net
short position.
In this chart we can clearly see the channel break and retest around .618 Fibonacci retracement level which is a clear sign of Bearish trend and the downward swing target would be 1.15000 which is 1.272 Fibonacci swing target level. The series of
consolidation phases has some clue about the upcoming market moves we can easily predict the possible moves with accumulation and distribution phases
If the 1.7650 level was firmly broken then 1.18123 will act as major resistance for the bull and its coordinates with middle line of the upward parallel channel
Related publications
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.