Sell EURUSD Channel Breakout

The EUR/USD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a bullish channel pattern. This suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming minutes or hours.

Bullish Channel Breakout: The price has been trading within an upward-sloping channel characterized by two converging lines: a rising support line and a rising resistance line.

Sell Entry: Consider entering a short position around the current price of 1.0770, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels within the channel 1.0790 and 1.0727. Further downside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.

Stop-Loss: To manage risk, place a stop-loss order above the broken channel support line at 1.0790. This helps limit potential losses if the price reverses and breaks back upwards.

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Flash Eurozone PMI: the data showed a slight contraction in Eurozone manufacturing and services activity in February. This could put further downward pressure on the Euro.