Market Updates Forex Chart Analysis: Descending Channels
| Forex Chart Analysis: Descending Channels |
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In today’s forex chart analysis I am looking at trading the descending channel seen on the EURUSD hourly chart. The channel has been broken once last week but for the most part has held up rather nicely. Traders normally look at channels for break out and That pattern tells me two things. The trend is fixing itself even more and that there may well be a slight pull back coming. Profit taking could be seen on a failure to close below 1.3873. A failure to r break and close above the top channel line will also cause further weight on the pair. Shorts with a stop 15 or twenty points above the top channel line would be a smart move to the bottom channel line. Longs on a test of 1.3876 accompanied by a failure there with a stop 15 or 20 points below targeting 1.4000 would also be a great short term play.
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