EUR/USD (Swing Forecast)
Potential StrategyWait until a new pattern emerges.
What is the trend? Neutral
What is this pattern? No pattern present
Why is this significant? There is no high probability pattern so we cannot place a trade.
What other indicators or Fib Levels support this thesis? No trade
Reason for StrategyWe have drawn a bearish channel on the 2hr Chart that has provide fairly accurate support and resistance at this point.  The pair also has broken the Daily Chart channel.  Both of these charts point to a move farther down, but we will still stay on the sidelines until a new pattern emerges.Trade InvalidationNo trade
Support & Resistance Levels
Resistance 3 Bottom of channel See Daily Chart
Resistance 2 1.4746 38.2% of AB on the Daily Chart
Resistance 1 Top of channel See 2hr Chart
Current Price 1.4530  
Support 1 Bottom of channel See 2hr Chart
Support 2 N/A N/A
Support 3 N/A N/A

                                  
Daily Chart - Broken bullish channel.
2hr Chart - Bearish channel. DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought. This website is not intended for residents of the United Kingdom, Singapore or Australia.

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