EURUSD broke ascending channel recently and is approaching a trough level in RSI; however, EUR has a tendency to make quick, long-lasting drops. The yellow lines indicate levels of support where there exists potential reversal levels. I will not take a trade until there is an indication of lasting buyer-strength around the indicated levels. I am waiting for a bulking green candle on longer time frames i.e. 4 HR or Daily.
P1- First level of potential reversal
P2- Second level of potential reversal
P3- Third level of potential reversal
*Careful for retracements. Price may bounce but it may merely be a retracement and a continuation of a downtrend*
THIS IS MY OWN MARKET ANALYSIS OF THE EURUSD. THIS IS IN NO WAY FINANCIAL ADVISE NOR AM I ADVISING YOU TO COMMIT TO A TRADE.
P1- First level of potential reversal
P2- Second level of potential reversal
P3- Third level of potential reversal
*Careful for retracements. Price may bounce but it may merely be a retracement and a continuation of a downtrend*
THIS IS MY OWN MARKET ANALYSIS OF THE EURUSD. THIS IS IN NO WAY FINANCIAL ADVISE NOR AM I ADVISING YOU TO COMMIT TO A TRADE.