EURUSD: Forms Triangle Pattern - Signals Potential Pullback

Apr 21

Hello everyone, here is my breakdown of the current EURUSD setup.

Market Analysis

EURUSD previously traded inside a range, showing consolidation before a strong breakdown, confirming bearish pressure. After the drop, price continued inside a descending channel. Later, the market found a bottom and reversed, breaking out of the channel and shifting into a bullish phase.

Currently, price is trading within a triangle structure, holding above the 1.1710 support zone while approaching the 1.1810 resistance zone, which aligns with the triangle resistance line. A fake breakout near resistance already suggests selling pressure.

My Scenario & Strategy

As long as EURUSD remains below the 1.1810 resistance, the bearish bias becomes valid. A rejection from this zone could push price toward the 1.1710 support (TP1), which also aligns with the triangle support line.

However, if price breaks and holds above 1.1810, the bearish scenario would be invalidated and bullish continuation could follow.

That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.

Apr 22

Trade active

We see that our pattern and scenario are still working according to plan and the price is gradually decreasing. We see that a corrective movement has already occurred, so we just have to wait until the price falls to our target.

Apr 23

Trade closed: target reached

Today we see that the price has reached our target and broken through the triangle structure, indicating continued bearish pressure!