Forex

EURUSD still down within the channel

January 25, 2016

1 min read

tarantula fx

Head of Trading

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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 and stops are placed slightly above 1.0880.

read the original article on AdmiralMarkets.com

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