Good morning traders, today we bring you our analysis on the EUR/USD pair, since we consider that it has upward potential in the short term.
🔸As we can see, the price has been in a downtrend since the beginning of the year.
🔸We can form an expansive channel in that direction by drawing the corresponding trendlines.
🔸This week, there was a break of the short-term Descending Trendline.
🔸We consider that this pair has upside potential, at least up to the descending trendline of the correction.
🔸If we analyze a higher timeframe (daily chart), we confirm that the trend is still bullish, since the sequence of increasing highs and lows is still intact. To consider a bearish trend, we would need a break in the support zone, which has not happened.
🔸As we can see, the price has been in a downtrend since the beginning of the year.
🔸We can form an expansive channel in that direction by drawing the corresponding trendlines.
🔸This week, there was a break of the short-term Descending Trendline.
🔸We consider that this pair has upside potential, at least up to the descending trendline of the correction.
🔸If we analyze a higher timeframe (daily chart), we confirm that the trend is still bullish, since the sequence of increasing highs and lows is still intact. To consider a bearish trend, we would need a break in the support zone, which has not happened.