The Euro continues to conquer new heights, but we should consider selling once it gets there. This week has a lot of macro statistics in store, so the USD may experience a steep rise as well as a steep fall. Regarding the EUR – it is just a correction and sooner or later we will see the increase of the interest rates in the USA and, as a result, rise of the USD across the board.
The price has reached the descending channel. Here we wait for a break in the ascending line so we could sell there:
At the H4 timeframe we have a breached ascending trend, which is based on three points:
We may also buy at the H4 ascending trend:
We are going to sell here:
We will consider buy orders at the breached channel, which is also based on three points:
We are going to buy here at the strong horizontal level, which corresponds to 61,4% Fibonacci level an ascending channel line goes there as well, it has been breached, but not yet tested (dashed line):