aamores

EURUSD: Pennant Formation, breakout buy then bearish swing

Long
FX:EURUSD   Euro / U.S. Dollar
Looking at the pennant on the Daily, I believe this move will consolidate in the formation before breaking out the top. Once it reaches the downward trend line from the monthly chart, it'll most likely set up for a long term bearish swing trade.

The second option is breaking out the bottom and making the same movement down although I feeling this is less likely a possibility.

TP and SL will be posted later on confirmation of movement.
Comment: Today the trend is under the bottom support of the pennant so the second option might play out. Waiting for retest before before entry.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter