EUR/USD: The Monthly Chart is in a large Down channel

Tian Kriek


November 13, 2019 02:48 PM


Daily Trading Range:
EUR/USD: The Monthly Chart is in a large Down channel and if you plot the Down Fibs then there is a Monthly D extension at 1.0000 (Parity). On the Weekly time frame there is also a down Fibonacci swing with its D extension way below parity at 0.9300. There is also a Bearish Crown with the D extension at 1.0500. As long as price remains below 1.1200 I expect price to continue bearish. If the Daily down outer trend line is broken then price will move higher, potentially to 1.1200. *As long as price remains below the pivotal level of resistance at 1.1200 I have to assume that price is likely to move South to the Weekly Crown Fib D @ 1.0500. My pending sell with 0.25% exposure was triggered at 1.1091. I can see signs that price may return to future resistance at 1.1060 for a retest. I shall consider a sell in the event that price retraces to the 1.1060 level. Since the 2 Hour Down Fib Extension was hit I expect a retracement

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.2650
Resistance 2: 1.2090
Resistance 1: 1.2150
Current Price 1.1002
Support 1: 1.1420
Support 2: 1.1350
Support 3: 1.1300

Two Hour Chart

Two Hour Chart
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