Hi Traders!
Since March 18, EURUSD has been moving within a descending parallel channel, with its boundaries holding the trend in place.
Yesterday, we saw a bounce off the lower boundary of the channel, accompanied by:
✅ A correction reaching 38% Fibonacci of subwave 3
✅ Wave C of the expected horizontal correction (wave 4) reaching 1.68 of wave B
📊 What Does This Mean?
At this point, we have a strong case for a EURUSD reversal and a continuation of the upward movement.
⚡ Key Signal:
To enter a position, we need to wait for a confirmed breakout above the channel. This will provide a solid basis for a medium-term trade, with targets at:
🔹 1.0950
🔹 1.1150
🔹 The 1.12 - 1.1250 zone
Since March 18, EURUSD has been moving within a descending parallel channel, with its boundaries holding the trend in place.
Yesterday, we saw a bounce off the lower boundary of the channel, accompanied by:
✅ A correction reaching 38% Fibonacci of subwave 3
✅ Wave C of the expected horizontal correction (wave 4) reaching 1.68 of wave B
📊 What Does This Mean?
At this point, we have a strong case for a EURUSD reversal and a continuation of the upward movement.
⚡ Key Signal:
To enter a position, we need to wait for a confirmed breakout above the channel. This will provide a solid basis for a medium-term trade, with targets at:
🔹 1.0950
🔹 1.1150
🔹 The 1.12 - 1.1250 zone
Trade closed: target reached
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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.
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.