Recent months have seen tight descending consolidation on EUR/USD. ATR is at critical lows in preparation for a large move. Based on the direction of consolidation and the multi decade support line, my position is long for a return to the top of the channel.
Comment:
December is coming to an end with the euro just under the channel support. Expecting dollar weakness into the new year with further rate cuts from the fed and increase open market operations to inject liquidity into the US economy. Q1 should be an exciting quarter for forex, putting an end to the low volatility period observed in 2018 and 2019.