The Eurusd currency pair has been trading in a rather neat bullish price channel on the 1hr chart(posted below), and is currently clinging in a determined manner to to channel support line in spite of admittedly major resistance at 1.3470 highs. Longs have been a good play on pullbacks, and should retain the bullish bias towards 1.3600 at the daily channel resistance line. At that point, the price action will be key to determining whether to hold longs, or cover in anticipation of a deeper correction. An interesting level that I’m considering, pending confirmation, is an additional push towards the outer daily trendline at 1.3900. A daily close above 1.3470 could present a more conservative long entry for traders who are still waiting to get in.
In the event that 1.3900 does get tested, I plan to cover all longs at that point and begin looking for shorts.
Happy trading…Looking forward to your feedback! 🙂
DIVINELYFOREX 