AaronLeggett
Short

EURUSD - 4H Breakout Imminent (to 1.11200?)

FX:EURUSD   Euro / 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
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out