Why I bought EURUSD below 1.1000

The EURUSD was on preparedness to quench a multi-month ascending channel and it finally did it today on an intra-day volatility spasm (weekly ATR shows business as usual).
As a guidance to take this route the pair descended inside an until now “potential” channel, establishing the required contact points on both upper and lower side of it.
Note this channel was already inferred last month, on June 9th, just by projecting equal angled trend lines from the 1.1616 top and 1.1217 low (see chart with details)

Gonçalo Moreira, CMT Independent Analyst

At current trading we are still deep within the 1200 pip-rage lateral structure and the EURUSD has not abandoned its consolidative tone, at least from a long-term perspective.
Today so far the pendular action allowed me to close138 pips on the long side, plus 171 pips on the short side. New shorts are planted preferably at the broken channel support, now resistance (at .1171 and ascending), targeting its “potential” parallel established by today's low at 1.0911. Seems to me like EURUSD has unfinished business to do around this bottom and I would be ready to initiate some longs if the 1.09 handle is revisited.
A picture of the pip festival:

Author

Gonçalo Moreira, CMT

Independent Analyst

As a trader in the foreign exchange market since 2005, Gonçalo Moreira honed his analytic and strategic skills through the Chartered Market Technician (CMT) designation. 

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