- Descending channel has been observed over the past few weeks with EUR/USD.
- There is high chance this is consolidation behaviour and the channel could break out to the upside.
- There is chance for a breakout at the current level as price has reached the top channel however I believe there could be 1 more leg down to the bottom channel and 4H 100MA.
- Short position to be placed with a fair sized stop due to wicky behaviour at the this level.
- However under the strict condition that once price closes above the channel, the position will be manually closed.