FX Price Action – EURUSD Channel Still in Play | Mar. 14th

EURUSD
After pulling back consistently anywhere between 140-160 pips before selling off massively, the EURUSD has been stuck in a structured channel as of late which is still sloping downwards. Although this communicates the selling for now is a little tired, it rarely marks the end of a downtrend until we see a counter trend impulsive price action move which should take out a major swing high (i.e. around 1.3150).

Thus, i’ll look to sell the pair on moves back into 1.3100 and 1.3150, for an eventual retest of 1.2900. A break back above 1.3150 would likely push the pair to test 1.3300, but selling is preferred for now, as for the month of March, only one bull day has been followed up with another bull close.

eurusd channel price action $eur 2ndskiesforex.com mar 14th

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • md shohag

    keno.happy

  • Greggy

    Hey,

    Maybe from a more conservative point of view, we maybe should wait for a Higher Low around 1.2980 (Strong support area since the beginning of March). A break above 1.3150 (Feb 28 an Mar 8 average resistance) maybe a good sign for major Trend reversal with a target at 1.3320 (Feb 25 High).
    Thoughts!

    • And in light of the weekend gap, how do you view things now?

  • Lola

    Chris, how comes you dont do Ichimoku analysis anymore? Do you still use Ichimoku with PA, or have you just given up on ichimoku for the mean time?

    • Hello Lola,

      Since I’m writing a book on PA, I am wanting to keep my articles focused on that to build clarity and momentum for the book.

      But I still trade Ichimoku everyday and am adding new material to the Ichimoku Course all the time.

      Kind Regards,
      Chris Capre

  • Bin

    It came true with 169 pips taken Sunday evening! Great set up!

    Bin

    • Nicely done Bin. Congrats!

      Kind Regards,
      Chris Capre