In this article, we are drawing Pitchfork channels on EURUSD
On the weekly EURUSD chart, we can see that the pair has formed an uptrend Pitchfork channel with the swing points 2 and 3 on which we can rely on. The weekly uptrend support is now visible at the 1.15000 level. A break below this level would lead even lower, to a test of the Pitchfork channel uptrend line support at 1.14000 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the daily chart, there is a new sideways Pitchfork channel that could lead to a test of the median Pitchfork channel line 1.1900 level where is also the half of the weekly downtrend Pitchfork channel. Use the chance to enter a good risk to reward long trade entry with the stop loss below the 1.1530 level, targeting 1.18000 and 1.19200 level higher.
