TOP DOWN ANALYSIS ON EUR USD
On the daily chart, price had broken through an ascending channel and heading towards a strong support zone. The breakout confirmation was also a bearish divergence spotted on the RSI.
On the daily chart, price had broken through an ascending channel and heading towards a strong support zone. The breakout confirmation was also a bearish divergence spotted on the RSI.
Note
On the 4 chart, we have seen that there was a retest on the broken channel (twice) before price decided to move towards the zone. You can also see the bearish bias displayed on the RSI as it keeps testing its 30 level.
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On the 30 minutes chart, a decending channel has also been broken and retested. The RSI was also on a support level while price was downtrending, broke the support level to become resistance and oversold, then recently broke support level and retesting there.
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On the 15 minutes timeframe, we have clearly seen a double bottom and a resistant line that price has tested a good number of times which might eventually turn support.
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With everything you have read, can you determine the direction of the price?Access this poll on telegram and give me your thoughts.
t.me/markettfanalysis/110
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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.