EURUSD is moving toward broken long-term Pitchfork channel
On the Monthly EURUSD chart, we can see that the pair is going for a retest of the previously broken downside Andrew’s Pitchfork channel resistance line 1.27000. A break above 1.16200 resistance has marked a complete upside reversal from the 1.0500 low.
On a Daily chart, we can see that the EURUSD price action is moving inside the new uptrend Pitchfork channel median line 1.2500. A break above 1.2180 is perfect for the LONG trade entries. You could open a good RR long trade entry with the stop loss just below 1.21700 to target higher on a continuation to 1.2500 near-term. In the case of consolidation here support is 1.21700.
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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