EURUSD peaked the bottom of its 18-month falling channel with signs of a breakout for the first time.
EURUSD D1: Fake Break of 18-Month Falling Channel, Or??
While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn’t good actually because the market has changed from a ‘no cut’ to a ‘no hike’.Therefore, the dollar plunged further and the DXY has broken below its rising channel.This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
EURUSD H4: Ascending Triangle
Additionally, an ascending triangle has formed and we shall observe the price action as it pulls back towards the bottom around 1.1053.
In fact, we can also identify a double bottom and that the price is pulling back towards the neckline again and see if it rebounds.