EURUSD - Alternate 1 - Aug-18 0026 AM (90 min)

Hopefully you all got in on yesterdays analysis, should have given some pips 🙂

So onto today , and a look at channels and 200 EMA. Ive marked up the chart to show whats going on here especially the fact that sometimes the price action has absolutely no respect for these EMA’s. However if you look at where the EMA failed you can see a double top in place which can sometimes signal a down move and it did sell down quite nicely at those points. The difference we have here is that we are in a channel to the upside and the 200 EMA is quite close to the middle uptrend line. Ive added the lower trendline to show where possible support could be because my analysis for today is to take a long either from the bottom of the channel or around the 1.44 level. Look to place your stop under the bottom trend line. (which is also under the 200 EMA) . If we break through to the downside quickly then watch the bottom trendline for support to grab a position . If we break here then bets are off for this analysis.

For short positions you obviously have to wait for the price action to get around or above  the 1.45 area which is where is bounced down today a little. Daily trend is still bullish. and try to watch the candlestick alerts for positioning.

As usual comments are welcome .