EURUSD: Pennant Formation, breakout buy then bearish swing
Looking at the pennant on the Daily, I believe this move will consolidate in the formation before breaking out the top. Once it reaches the downward trend line from the monthly chart, it'll most likely set up for a long term bearish swing trade.
The second option is breaking out the bottom and making the same movement down although I feeling this is less likely a possibility.
TP and SL will be posted later on confirmation of movement.
The second option is breaking out the bottom and making the same movement down although I feeling this is less likely a possibility.
TP and SL will be posted later on confirmation of movement.
Comment:
Today the trend is under the bottom support of the pennant so the second option might play out. Waiting for retest before before entry.