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EURUSD still down within the channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The EURUSD has completed its first swing within he channel and on intraday chart we can see a range with bearish bias. POC comes within 1.0850-60 zone (H4, EMA89, EQ channel top, previous breakout spot) and the price could be rejected towards 1.0770-50. Only a clear break of 1.0770 can tank the price down to 1.0710. However if we see a strong momentum or 4h close above 1.0880 we could see 1.0920 and 1.0970. So, from R:R perspective shorts are justified as long as EURUSD stays within POC range

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