EURUSD is retesting the broken long-term uptrend channel
On the Monthly EURUSD chart, we can see that the instrument is retesting a previously broken Andrew’s Pitchfork uptrend long-term channel 1.23800 and is being rejected by it. This rejection could lead to a triangle consolidation ongoing between 1.2380 and 1.1000. To continue higher we need to see a break above 1.2380 again and it would mean that the pair is back in the channel.
On a Weekly chart, see a new uptrend Pitchfork channel formed and we had a rejection from almost a median line 1.2800 We could see now a correction and a pullback to channel support line 1.15440. As long as the pair is below 1.19300 you can search for the short trade entries with the stops above 1.2000.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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