I am mostly bearish on the EURUSD 15MIN chart. As you can see, we have formed a descending triangle pattern, which may also lead to the continuation of the newly formed downtrend. I'm expecting a breakout to occur to the downside of almost 40pips. If so, we should see a test of the 1.2098 region for possible support and bounce. If this region fails, we could see a drop and test of the 1.2065 area. This region has been used as both support and resistance in the past and is the last region before we come to the long term trend line . If the 1.2065 S/R level fails, we would see a test of the trend line next. I will be looking for possible long trades if the trend line is tested as the pair has been contained in this region for almost one year. HOWEVER, if this trend line is broken, we could see the start of a very long downtrend as the next levels of S/R come at 1.163 and 1.145.
This is in no way, shape or form of financial advice and you should perform your own DD and analysis before placing any trades!!! Thank you for checking out my Technical Analysis of the EURUSD pair!
This is in no way, shape or form of financial advice and you should perform your own DD and analysis before placing any trades!!! Thank you for checking out my Technical Analysis of the EURUSD pair!
Comment:
So we broke out to the upside of the original triangle; however, we formed a double top and a larger descending triangle. I'm still bearish at this point and looking for a break to the down side. Watching this pair closely :)
Comment:
Added updated chart below :)