EURUSD Breaks Daily Chart Upchannel Support

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Apologies for the inaccurate title in today's initial post as it was mistakenly published in today's Asia session using analysis for a dated chart. The EURUSD is now in today's early US afternoon trying to hold the 1.13 level, selling off notably today on the ECB Conference. The EURUSD appears to have broken upchannel support (on the daily chart), and has slid back below the descending wedge resistance connecting the April and September 2018 peaks (on the weekly chart). Bears are now eyeing the same descending wedge's support line (which a few weeks ago appeared unlikely to be retested). The weekly, daily and 4hr RSI, Stochastics and MACD are mostly bearishly sloping down. I am long as of yesterday and today at 1.1373, and am targeting the red zone for early next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).


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