EURUSD D1: Repeating Pattern at Top of 17-Month Falling Channel

Last week, EURUSD broke out from a minor range and fell towards the previous low at 1.1000 area.Yesterday and up till now, there’s obvious support which may cause the price to rebound and range further between 1.1000 to 1.1087.This is very much just like the bearish trend started in late June.

The price fell from the top of a 17-month range, found support and retraced, fell again back to the same support and rebounded off and form a range before it resume a bearish trend and broke new low.Could the same thing happen? No idea…but based on the timeframe and setting, it does seems very possible.Therefore, if you had shorted from the top of the retracement around 1.1080 region, you might wanna consider taking partial profit at the current low and await retracement for re-entry.

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