Technical analysis of EUR/USD 12/27/2019
The EUR/USD currency pair broke through and exceeded the upper border of the downward channel, forming an upward channel on the 1D timeframe. The price found resistance at the level of 1.1200, and not having the opportunity to close higher (MA200 and 50% Fibo), rolled back to the support of 1.1060 (MA100), which coincides with the upper boundary of the broken upward channel.
If a pair breaks and consolidates above 1.1200 (MA200 and 50% Fibo), there is reason to assume that the trend will change on the 1D timeframe and the pair will grow as part of the projection to a maximum around 1.1400.
Cancellation of the growth option for the pair will be a decrease below the support zone 1.1050-1.1000, which will indicate a breakdown (MA100), the lower boundary of the ascending channel and a possible continuation of the decline to the area of 1.0800 as part of the projection formation.
Created by Joshua Hayn