EURUSD Forex
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2024-03-07 11:45:00
A Price Action Channel Down pattern formation on the 5 Min time frame chart supports EURGBP Bullish bias. A break of 0.85400 will support the rise towards the target of 0.85460 the break of 0.85460 would push the price to 0.85500.
SUPPORT AND RESISTANCE LEVELS
- Pivot Point 0.85366
- Support S1: 0.85363, S2: 0.85356 , S3: 0.85353
- Resistance R1: 0.85373 , R2: 0.85376 , R3: 0.85383
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Age 19 BarsFull view
Channel Down
The channel down pattern is often followed by higher prices, but only after an upside penetration of the upper trend line. The price will continue channeling downward until it is able to break either the upper or lower trend line. An upside break is bullish, while a downside break is bearish.
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