EUURUSD Holds channel top; Bearish below 1.3105

by Admin

EURUSD – Our sell trigger level was at 1.3086 and although we did not manage to initiate this trade in our trading hours, selling was posted from a high trade of 1.3095. This resulted in over half the initial (daily) rally being overturned. A look to the intraday chart we can see the channel top being rejected again overnight (1.3075). Although a break below 1.3042 is needed to confirm the bearish momentum, the bias is for lower levels. The profit targets are 1.3025, 1.2985 (channel base) and towards 1.2800 (measure move target).

EURUSD

The risk, however, would be with buying through a stop of 1.3105, breaking the formation.