I don't usually analyze and take trades off 15 minute charts, but this quick trend continuation pattern looked interesting...
Price has been making lower lows & lower highs for the last few days on EURUSD, and trading within about a 70 pip descending channel. Currently price has been pulling back off the most recent swing move (and lower channel limit), which has made a sort of mini-channel for the last 12 hours or so. We could see one of two things:
1. Price continue to trade within this ascending channel towards the upper channel limit
2. Price break out of this mini-channel to the downside (with targets at the 1.05650 area)
If price in fact does break out and continue to the downside, we could be seeing the confirmation of an even steeper descending channel - which means a deeper retrace of last weeks bullish move.
#SmileAndWave
Price has been making lower lows & lower highs for the last few days on EURUSD, and trading within about a 70 pip descending channel. Currently price has been pulling back off the most recent swing move (and lower channel limit), which has made a sort of mini-channel for the last 12 hours or so. We could see one of two things:
1. Price continue to trade within this ascending channel towards the upper channel limit
2. Price break out of this mini-channel to the downside (with targets at the 1.05650 area)
If price in fact does break out and continue to the downside, we could be seeing the confirmation of an even steeper descending channel - which means a deeper retrace of last weeks bullish move.
#SmileAndWave
Komen:
Looks like option 1 played out, price stayed within the ascending channel and eventually broke out of the descending channel range