EURO - Price can drop to $1.1200 points, exiting from pennant

Apr 16

Hi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊

Recently price traded inside a flat structure with weak movement and low volatility in a tight range.

Then the Euro made a breakout and formed a strong impulse, reaching resistance and creating a new local high.

After that, price entered a pennant and made a short correction, but then continued rising with momentum.

Later, it touched resistance again and started forming a triangle pattern with a tightening structure.

Now price is near the upper boundary of the triangle and trades above $1.1135 support without a clear breakout.

In my opinion, Euro can reverse from resistance and decline to $1.1200 in the next move, thereby exiting from pennant.

If this post is useful to you, you can support me with like/boost and advice in comments❤️

Apr 17

Trade active

Good! Price exited from the pennant and continued to fall. So, I expect that price will soon reach my target.

Apr 18

Trade closed manually

Euro started to trades in flat.