DLavrov

EURUSD Triangle Chart Pattern

FX:EURUSD   Euro / U.S. Dollar
The price moves in a triangle which can be realized as a reversal chart pattern or as a continuation one. The direction of a breakout will show us further market movement and give a new trading opportunity. For buying, it will be better to wait for the upward movement above 1.17000 resistance level. Stop orders for long trades must be placed below the local swing low and profit targets should be at 1.18500 and 1.19500 resistance levels. If the price moves lower, we have to wait for a breakout below the support line of the triangle. But this short trade won't be so interesting as the long one. We have 1.15000 support level not far from the possible entry level. It will be better to open short trades based on signals from lower time frames in order to get better risk reward ratio. And what do you think about this market? Please, share your ideas in comments.

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