EURUSD has given a breakout from its downtrend line, but EURUSD price is still trading near that downtrend line in channel pattern, so the breakout is not so strong to change long term trends. Considering this, we might see a downside in EURUSD towards the support1, as it is crossing down trendline as well, so EURUSD might consolidate at support1, but if it breaks the support1 fresh downside trend can be considered and EURUSD might move towards the support2. If it takes support at support1 and bounces back from that level, resistance will be at resistance1.

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Vivek_Samale
Vivek_Samale

I have half a decade of experience as a trader and enthusiastically learning & developing new strategies in algorithm trading & also analyzing the companies with New ESG method.