EUR/USD is having a strong downtrend these days inside the marked blue bearish channel.
Last Monday Support level 1.2666 held the price above prevented further decline of the pair and pushed the pair up to 1.2810.
On Wednesday, we witnessed another decline to visit support level 1.2666 which showed bullish presence again.
Yesterday we expected a double buttom reversal pattern formation with low at 1.2666 and neckline at 1.2810 which was confirmed with closure above the neckline, targetting 1.2945.
Area between 1.2920 - 1.2945 is a strong resistance which is the upper limit of the bearish channel, Fibonacci level 61.8% & the target of the possible double buttom.
In order to benefit from the expected double buttom level, We bought around 1.2730 with final TP at 1.2945 as suggested yesterday, not forgetting profits taken each 70 pips to avoid price reversal.
Based on the previous analysis
For those who took the original trade yesterday early we are waiting for the final TP at 1.2945, for those who didn't, buying at retest of the neckline at 1.2810-1.2830 is considered good
The final TP will be at 1.2945 with SL break of the low at 1.2666.
In order to follow the main downtrend, SELLING around 1.2929-1.2945 will be good with TP at 1.2855, 1.2805, 1.2745 then 1.2670 with SL daily closure above 1.2950.
