7:26a GMT - We saw what we expected yesterday - there was a bearish bias and we saw a drop of 160+ pips, but support was found near the bottom of the range and since the price has drifted up to the 1.4730 area. Price action never saw the top of the range and the aggressive downward swing broke the bottom support putting the pair into a bearish channel. On the 4-hour and daily charts this bearish channel is beginning to look likeĀ  a bearish continuation pattern meaning more downside to come.

Trading Idea: Will look to sell at resistance near 1.4755 or near the top of the channel (currently at 1.4800). Pair is currently drifting at 1.4725 resistance and I will sell this area with a strong candlestick confirmation signal. Short targets from 1.4800 are 1.4765, 1.4730, 1.4690 and 1.4655.

(click to enlarge)

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Forex Signals - EUR/USD Bearish Channel is a post from: PipHut.com