The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
EUR/USD: consolidation inside Tenkan-Kijun’s channel
2019-11-11 • Updated
Technical levels: support – 1.1215; resistance – 1.1300.
- Sell — 1.1280; SL — 1.1300; TP1 — 1.1215; TP2 — 1.1180.
Reason: expanding bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines; the market corrected to Kijun’s resistance and keep staying inside a channel Tenkan-Kijun.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
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