EURUSD is breaking below the long-term uptrend channel
The Monthly EURUSD chart shows that the pair has broken below the Andrew’s Pitchfork long-term uptrend channel downside resistance line 1.23500 and is consolidating ever since with one backtest of the broken resistance. This breakout could lead to a downside continuation. A breakout above 1.3000 is required for a long-term upside reversal.
On a Weekly chart, we can see an uptrend downtrend Pitchfork channel formed and for the upside continuation we need to see a break of 1.2370 to target the 1.3000 Median line of the channel. Support is also uptrend channel line 1.5600. You can try the long trade entries with the stop loss below 1.5600. In the case you are stopped out reverse to a short trade.
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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