Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
From a macro perspective, EURUSD has been bearish trading within the falling red channel.
Medium-term, EURUSD has been in a correction phase trading within the rising channel in orange.
Moreover, the green zone is a massive monthly resistance.
Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the upper red and orange trendlines and resistance.
As per my trading style:
As #EURUSD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on…)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Disclosure: I am part of Trade Nation’s Influencer program and receive a monthly fee for using their TradingView charts in my analysis.