EUR/USD Is In The Ascending Channel
Denis Gramovich | Oct 07, 2020 08:05AM ET
After a flash crash in the last week of September, which only a strong support line could stop, EUR/USD turned in an upward trend. And it was able to form a small upward channel in a series of corrections and pullbacks. Now the price is at the lower border of this channel, at the 1.173 support line. In my opinion, this is a good entry point for an uptrend and movement towards the 1.182 resistance line.
Over the past few weeks, the GBP/USD pair has been showing rather faltering growth with large gaps. But nevertheless, it is moving in an upward trend. The two-hour TF shows how the price touched the strong support line 1.286 in the process of a slight pullback. Thus, it is supposed to take an advantage of this support and start rising towards the resistance line. This fact gives us a good signal to open a buy trade. But, please, keep SL in memory when opening a trade.
The two-hour TF shows that since the beginning of October, the USD/CAD price has been in an uptrend, but there was a resistance zone on its way. The pair had already stopped its growth several times, unable to overcome this zone. Now it failed again. But we can see that USD/CAD is close to two support lines. And it can be expected to descend to the point of their intersection. So, the final target in this case is 1.322.
Throughout the summer, we could observe a steady rise of EUR/JPY, but in mid-September it collapsed quite sharply, losing half of the positions, having been worked out over the summer. And then the price moved along the support line without making any significant breakouts or pullbacks for a while. But at the beginning of October, we see EUR/JPY trying to remove to its previous positions. Now the price is near the support zone 124.0, and I expect it to continue rising. Thus, the pair will come to the strong resistance line 125.4.
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