EURUSD is eyeing the downside extension inside weekly Andrews Pitchfork channel
In this article, we are drawing Pitchfork channels on EURUSD
On the weeklyEURUSD chart, we can see that the pair is trying to break below the 1.3000 level for a test of the 50% of the first downside channel half 1.1000 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.
Andrews Pitchfork trading technical analysis is included in the Bushido trading transformation program 2019!
On the Daily chart, a new uptrend Pitchfork channel has been formed. By a trading perspective, this could be the two-sided trade. The pair is briefly breaking below the 1.13500 level of the channel support, but the strong downside resistance is 1.13000 for 300 pips extension lower. Watch the reaction from 1.12800-1.13000 zone for the long or the short trade entries both with the good risk to reward.
