DOLLAR FALL after false breakout

Feb 4, 2021

In early December, the price broke through the support line at 91.68. This is a strong line that has been on the chart since 2019. At the same time, for the last half of the year, it has acted as a guide for the downtrend. After the breakdown of this line, the price continued to fall, broke through the resistance line 90.63, but eventually came to the support line at 89.73.

An ascending channel began to form from this point in the middle of December last year. While moving in this channel, the price managed to break through the 2019 support line once again, this time during the growth - 90.59.

The other day, the price came to the upper border of the channel - the resistance line at 91.09 and broke through it, however, I am convinced that this breakdown is false. I expect that in the near future the price will return to the channel, it will take advantage of the resistance and fall to the lower border of the channel. So my final target is support area 90.31.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻