I tried with different scenario in higher timeframe to analyse EURUSD and came out with some possible variations.
At the end of day, it is about lower timeframe that will help us trigger into an entry. So do keep watch in lower timeframe.
Scenario #1: Using the 2 established high to draw ED channel, EURUSD is still resisted
Scenario #2 Using nearer term established high, EURUSD still has room to drop
Scenario #3 Using recent price trend, I drew a downsloping ED channel and shows either EURUSD supported and resisted depending on which point ED maps
Scenario #4 Connecting the recent low, I shifted the other ED line to top. Thus EURUSD shows supported.
I will update again if possible how to trade EURUSD in lower timeframe in a protected post for #tflow students.