On this weekly chart, we are drawing Pitchfork channels on EURUSD.
On the weekly EURUSD chart, we can see that the pair is testing the Median line of the uptrend pitchfork channel 1.2020 level. This level also is 34 WMA (weighted moving average) and a strong proven uptrend uspport. It is to expect that we could have a bounce from this level and this price action setup is offering us a nice long trade opportunity for the next week with a good risk to reward.
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. Look early next week for a long trade entry with the SL below 1.20000 with thw target at 1.24000 at least.
Happy trading! (click on the chart to enlarge it)
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