AaronLeggett
Short

EURUSD - 4H Breakout Imminent (to 1.11200?)

FX:EURUSD   Euro Fx/U.S. Dollar
Okay so we've got a triangle which has formed on the 4H chart on this pair. It looks more like an ascending wedge as the angle of the bullish line is far steeper than the bearish . Therefore, we can assume that this will breakdown towards an area of previous support at around 1.11200.

The pair is in a long-term downtrend so we can also assume that the current rise in price is merely a tiny correction before it carries on down; a reversal doesn't look likely right now.

The pair has resistance and confluence from the bearish trend , the moving average and a resistance line at 1.14200

There is also a nice 3.6:1 RR with this trade as shown on the chart, with a tight stop loss if it does break upwards
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out