Hey traders,
Based on a price action analysis I see two potential scenarios for EURUSD next week:
- Bullish
Even though the pair is trading in a global bearish trend,
since November we see a correctional movement.
The market is steadily growing within a rising parallel channel.
Now the price is approaching its support.
For now we may expect a bullish movement from that.
- Bearish
The channel that we earlier discussed can be perceived as a bearish flag pattern.
Its support breakout will trigger a trend following move and a test of a current low.
I am still bullish and have a long position on EURUSD.
But be prepared for both scenarios.
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