- May 18, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The EURUSD pair is still trading inside the long-term Channel Up pattern we identified more than 2 months ago and bought the bottom (see chart below):
With the recent price action however, we shift our attention to a shorter term Channel Up due to the possibility of extending the recent selling. The pair is basically trapped within the 1D MA50 (blue trend-line) and 1D MA100 (green trend-line) for 5 straight 1D candles. We will trade the break-out, depending which direction the 1D candle will close at.
A 1D candle closing above the 1D MA50, will be bullish targeting the top of the Channel Up at 1.11350. A 1D candle closing below the 1D MA100 will be bearish, targeting 1.0700 at least.