Trend_Analyst
Short

EURUSD Descending Channel Possible Short Trade

FX:EURUSD   Euro / U.S. Dollar
EURUSD has been trading in a descending channel formation which began on the 8th of this month. Today saw a retest of the upper channel which held again and we then saw a retracement back to the 38.2% level of the move up from Fridays low. Towards the later part of this week we are looking for a retest of the lower channel line. I have drawn a confirmed trendline connecting the last 3 swing lows which will need to be broken before considering a short position. If we see a move below 1.13016 level we could see an intraday head and shoulders pattern which would add more conformation to the downside.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out