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EUR/USD has been traversing a steep parallel downtrend channel since the dramatic swing high right before the New Year, as shown on the accompanying daily chart. Within the context of this channel, as of Tuesday morning price has just bounced up off a key uptrend support line extending from the long-term lows around 1.2330 (hit in late October). In the process, price has retraced to the top border of the steep downtrend channel. Any substantial break above this channel border could target further resistance in the key 1.3300 region. Conversely, any subsequent drop below the strong uptrend support line should target further major support in the 1.2550 region.
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2 Responses to “EUR/USD - In a Downtrend Channel above Uptrend Support”
I have bought EUR/USD in 1.4342 before new year, but this currency go down until now do you have suggestion , what can i do for this condition ?
Hi Agus,
Thanks for your question. Unfortunately, I can’t really help with that at this point. I always stress having a good risk management plan, which includes logical and reasonable stop losses. Your position is down almost 1500 pips now. There should have been many places to get out with a much smaller loss before now, but then again, hindsight is 20/20. At this extent of loss, there’s not much I can suggest. And I don’t think we’ve seen a bottom on this downtrend yet. Sorry, Agus.
James Chen