Chart Legend:
R= Resistance
S=Support
Blue lines= downtrend channel
M.S (orange line)= Minor Support
Analysis:
Major Trend: Downtrend
As we can see, EURUSD is in a downtrend channel, so let's follow the trend and only make short positions!
According to MACD, It's giving us a down signal (fast line crossed below the slow)
There are two options here for an entry:
(1) - Enter right now close to the M.S and put a stop loss around 1.22 and take profit at the S (1.05) .
(2) - Wait for the touch on the upper line of the downtrend channel, and put a stop loss at 1.25 and take profit at S (1.05).
Mind you, it can also just break the downtrend channel , that's why you should always use stop loss!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
R= Resistance
S=Support
Blue lines= downtrend channel
M.S (orange line)= Minor Support
Analysis:
Major Trend: Downtrend
As we can see, EURUSD is in a downtrend channel, so let's follow the trend and only make short positions!
According to MACD, It's giving us a down signal (fast line crossed below the slow)
There are two options here for an entry:
(1) - Enter right now close to the M.S and put a stop loss around 1.22 and take profit at the S (1.05) .
(2) - Wait for the touch on the upper line of the downtrend channel, and put a stop loss at 1.25 and take profit at S (1.05).
Mind you, it can also just break the downtrend channel , that's why you should always use stop loss!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!