Aloha, traders.
The euro broke what we thought to be potential resistance yesterday at 1.26. Because of this, we can confirm the existence of the descending channel. Expect price to go up to 1.35 before falling. It is possible the resistance line that was broken may become a new support, but this is for a later analysis. For the time being, it appears as though the euro will push higher. Short once it reaches the top resistance of the channel.
Also, MACD charts show more bullish movement in the short term, and are generally pretty reliable for forex trades.
Thanks for reading, leave a like if you agree!
The euro broke what we thought to be potential resistance yesterday at 1.26. Because of this, we can confirm the existence of the descending channel. Expect price to go up to 1.35 before falling. It is possible the resistance line that was broken may become a new support, but this is for a later analysis. For the time being, it appears as though the euro will push higher. Short once it reaches the top resistance of the channel.
Also, MACD charts show more bullish movement in the short term, and are generally pretty reliable for forex trades.
Thanks for reading, leave a like if you agree!