EURUSD H4 channel continuous or breakout ?

A chart of the EUR/USD currency pair on a 4-hour timeframe. The chart displays a bearish channel pattern.

Bearish channel: The price has been trading within a downward-sloping channel for some time, characterized by a resistance line at the top and a support line at the bottom.

The price is currently trading at Top of channel pattern, if Breaks the Upside then it start Bullish Sign. However, it is still early to say whether this is a genuine breakout or a false signal.

Overall, the chart suggests a potential breakout from a bearish channel, which could be a bullish signal for the EUR/USD pair.

Thank you.

Giao dịch đang hoạt động:

Flash Eurozone PMI: the data showed a slight contraction in Eurozone manufacturing and services activity in February. This could put further downward pressure on the Euro.

Bình luận:

Price Breaks the Resistance ZOne and now act as Support