EURUSD: Multi Time Frame Analysis & Important Breakout

2 Okt 2020

hey traders,

EURUSD reached a strong zone of confluence yesterday.
price hit a perfect match of a resistance line of a falling channel and horizontal resistance based on the last higher low on a daily.

after testing that area, the price broke below a support line of a rising wedge pattern on 4H.
moreover, the price has violated a neckline of a head and shoulders formation on hourly chart.

we see many many bearish signals and now the price is slightly recovering.

the expanding area between a neckline and broken support of the wedge will be a perfect zone for us to short the pair.

target levels:
1.169
1.165