{"id":9838,"date":"2010-05-31T12:08:58","date_gmt":"2010-05-31T16:08:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9838"},"modified":"2010-05-31T12:08:58","modified_gmt":"2010-05-31T16:08:58","slug":"forex-technical-analysis-short-the-eurusd-bearish-channel","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/31\/forex-technical-analysis-short-the-eurusd-bearish-channel\/","title":{"rendered":"Forex Technical Analysis \u2013 Short the EUR\/USD \u2013 Bearish Channel"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The pair has experienced a bit of a consolidation since reaching a  low of 1.2150 last week. As such, the price has climbed close to the  bearish channel that has formed on the daily chart, presenting a  possible trade setup to go short on the pair.<\/p>\n<p>Friday\u2019s trading had the EUR\/USD climbing  to a daily high of 1.2450. This daily high was the third contact point  for the downward sloping trend line, making it a significant trend line.  A parallel line drawn below the price action displays a bearish  channel. The long term downward sloping trend line is also displayed,  taking into account all the price action for the bearish trend.<\/p>\n<p>A trade setup to go short on the EUR\/USD is forming as the price  moves closer to the upper boundary of the channel. Going short at a  trend line can be one of the best ways to enter into a trending market.<\/p>\n<p>A protective stop can be placed above the resistance level (R1) at  1.2390 and the support level (S1) at 1.2150 can be used as a price  target.  At the current spot price of 1.2315, this would give roughly a  2:1 profit risk reward.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/EURUSD-Bearish-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/EURUSD-Bearish-Channel.jpg\" alt=\"\" width=\"595\" height=\"614\" \/><\/a><\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex  Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and  may not be suitable for all investors. There is a possibility that you  could sustain a loss of all of your investment and therefore you should  not invest money that you cannot afford to lose. You should be aware of  all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The pair has experienced a bit of a consolidation since reaching a low of 1.2150 last week. As such, the price has climbed close to the bearish channel that has formed on the daily chart, presenting a possible trade setup to go short on the pair. Friday\u2019s trading had the EUR\/USD &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/31\/forex-technical-analysis-short-the-eurusd-bearish-channel\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forex Technical Analysis \u2013 Short the EUR\/USD \u2013 Bearish Channel&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9838","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9838"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9838\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}