EU Potential Long Position

FX:EURUSD   Euro / U.S. Dollar
Price is moving within an ascending channel which is showing strong rejection of the support and resistance of the channel, alongside two key areas of resistance illusrated by the purple areas of the chart. After a spike in price on the 10th of September, illusrated by the 20EMA crossing the 200EMA in an upwards momentum. Since this price movement, price has been fluctuating in a narrow range of two key resistance levels. It is likely that after this consolidation price will come down to test the lower level of resistance before making a strong bullish movement (illusrated by the red arrows) or price may become bullish and retest the above resistance level before making new HH's. Patience will be key to profiting from one of these two potential set ups.


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