EURUSD moved somewhat faster than we expected, dropping to the bottom of our supply box and then rebounding up to trendline for a solid 50 pips. It hit our TP exactly at 1.07550. However, because that move completed so quickly, it was easy enough to see it would not be the real move, especially after it respected the trendline. EU is quickly approaching a zone in which it will have to break out to the upside or downside. Personally, I don't see enough strength behind the dollar to pull this pair down past all of that support (trendline, fibs zone, demand zone, support line).
Because of this, I see EU either rising from here or making one last push down tonight before rising up on the way to 1.08400 to complete the price action on the weekly. After that, it will likely be bearish, but for how far is hard to gauge at this point.
thanks for your chart, but I think the EURUSD it will going down as it breaks the line, please make a zoom out more to see the two bottom and you can paint correct line.
and good luck :)
haylettc
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@iSaleh, Yea, I suppose we'll see what happens. On the 4hr, this channel has held strong. And on the weekly, this still has some room to the upside before hitting true resistance. Around 1.0800 is when I'll start watching for signs of a true reversal.
and good luck :)