RLinda ! EURUSD-> Trend change or correction?
EURUSD in early November is trying to change the global downtrend. A number of positive fundamental factors contributed to this maneuver. The price confirms the change of the trend and at some point breaks through the resistance of the uptrend channel , indicating to us a more accelerated recovery. But a false break-down of the resistance at 1.02692 is formed.
In the chart, we see a break-down of the base support at 1.02692, which was also the base for the H&S pattern. Ahead is the level of 0.618, from which a pullback might follow, and if the price makes a false-break of the upper boundary of the channel, there is a chance to see the continuation of strengthening of the euro .
But in case of breakdown of the key area and consolidation of the price under the channel resistance, the price may fall to support 0.9926.
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