After peaking on September 1, the EUR/USD currency pair is trading in a clear downtrend, which took the form of a descending channel as of today. A descending channel inside a bigger uptrend offers a bullish breakout opportunity — the smaller channel serves as a trend continuation pattern.
The yellow lines on the screenshot below mark the descending channel’s borders. The cyan line shows the level where an entry order could be placed. It is located at 10% of the channel’s width above the upper border. The green line can serve as a
I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this EUR/USD pattern. You can trade it using my free Chart Pattern Helper EA.
Update 2020-10-05 13:00 GMT: The currency pair went up and hit my entry level today at 11:40 GMT with open price at 1.17610,
Update 2020-10-15 10:08 GMT: Following the
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