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Forex: EUR/USD with “sell” opportunity after a test of a broken trend channel

EUR/USD

Time frame: D1

Technical analysis: The pair moves in a pronounced downward trend. On 13.11.18 EUR/USD made a bottom and entered a short ascending trend channel. On 07.02.19, after 3 months, the couple managed to break the formed channel and keep the price below it, indicating that the downward movement is not over. Now the pair is about 30 pips away from the broken trend line and 50 EMA. They play the role of strong resistance, where sales would be more likely.

Indicators: The price is below 50 and 200 EMA, playing the role of strong dynamic resistances

DeM – Over-sold values.

Entry into Deal: Since today there are FOMC Minutes, which will be posted at 21:00 (GMT +2), it’s better to wait for them to pass and then to open an order in the market direction.

Alternative Scenario: With a daily break of 50 EMA, the price would continue to rise to the next strong resistance at 1.1480


 Trader Milko Zashev


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