TradingView
LegionQ8
Apr 30, 2023 8:17 AM

Euro is trades inside triangle and can continue to rise Long

Euro Fx/U.S. DollarFXCM

Description

Hello traders, I want share with you my opinion about Euro. Looking at the chart, we can see how the price formed the buyer zone and started an upward movement. Euro reached a resistance level 1.1000 and, after a small correction, continued to rise and broke through the resistance level. The price continued to move up and formed a resistance area 1.1060-1.1075, which price re-tested, rebounded and decreased. Over time, the Euro has created an upward triangle and is currently trading inside. We see the price bounce off the support line of the triangle, start to rise and reach the resistance zone. After a deep correction, the Euro continued to move up and made a fake breakout of the zone 1.1060-1.1075, then the price reversed, began to decline and broke through the current support level. Not long ago, the Euro bounced off the support line of the triangle and rose. The price is currently trading above the support level 1.1000, but can drop and re-test it. I think the upward movement can continue and reach resistance zone. In this case, I decided to set the target at level 1.1040 and in the zone 1.1060-1.1075. Please share this idea with your friends and click Boost 🚀
Comments
Traders-Club
Excellent analysis, I agree:
MarsSignals
wonderful to know
jpeacockfx
Nice analysis. Keep this up!
ProjectSyndicate
premium info
TheFxAce
I agree though big news week ahead will be interesting
InkyGrip
A long position could be nice, thanks for EURUSD chart
Serana2324
nice chart! Thanks for sharing
SpartaBTC
I agree. This level support you highlighted is quite strong. There could be a significant price increase from it.
HAMED_AZ
Nice one
KlejdiCuni
let's see the coming week as it is still developing something strange:)
More