EURUSD: SHORT Idea on the CHANNEL'S BREAKOUT!
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TECHNICAL ANALYSIS:
The EURUSD is actually moving in an interesting situation. Since the beginning of December the price has been moving following a clear ascending channel. (Many rejections on the S/R level of that channel are a clear confirmation of this pattern).
At the beginning of January, the price was near to an interesting area, in fact the price reached the main weekly trendline resistance level. Unfortunately, in this situation the price wasn't able to break that level, and once again, it got a strong rejection, falling down, breaking the dynamic channel's support.
The price actually reached a strong S/R zone and the price action around this level is essential to understand the next market's movement.
CONCLUSION:
In a daily and weekly perspective, we can definitely say that the price is moving with a clear bullish movement, but I believe the price has a good chance to reach and then eventually bounce on the trendline support at about 1.20800.
I don't suggest to open any short position right now, because there is still a possibility of a trend correction.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
The EURUSD is actually moving in an interesting situation. Since the beginning of December the price has been moving following a clear ascending channel. (Many rejections on the S/R level of that channel are a clear confirmation of this pattern).
At the beginning of January, the price was near to an interesting area, in fact the price reached the main weekly trendline resistance level. Unfortunately, in this situation the price wasn't able to break that level, and once again, it got a strong rejection, falling down, breaking the dynamic channel's support.
The price actually reached a strong S/R zone and the price action around this level is essential to understand the next market's movement.
CONCLUSION:
In a daily and weekly perspective, we can definitely say that the price is moving with a clear bullish movement, but I believe the price has a good chance to reach and then eventually bounce on the trendline support at about 1.20800.
I don't suggest to open any short position right now, because there is still a possibility of a trend correction.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
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