EURUSD - Low risk to high reward ratio?

Trade safe, stay safe!

______________________________________________________________________________________________________
I'm purely a beginner in technical analysis. Please hit like, follow if you like my ideas or place a comment if you wish.
Any of your feedback is my motivation to keep going and to learn more about Technical Analysis!

Comment:

Another scenario could be that the ascending trendline breaks, and it will go down from here. The next few hours will be crucial in determining the next trend.

Comment:

Some more detail on the 1H timeframe. If it drops below the lower ascending trendline. The ascending trend could break. If it stays above the the lower ascending trendline, the ascending trend will hold.

Comment:

15M timeframe. For now there seems to be a rebound from going lower. The ascending channel is still holding.

Comment:

Descending wedge pattern in the 5M and 15M timeframe might indicate a bullish breakout in the end according to Investopedia.

5M timeframe

15M timeframe

On the hourly timeframes we can see that the chart is almost touching the lower ascending trendline.

1H timeframe

4H timeframe

We still have no clear confirmation yet in which direction the chart is going. It might turnout bullish again, but a bear is also a possibility.

Comment:

I'd expect at least a drop to 1.174 maybe even lower. Afterwards I think the upward trend will continue on the long run until 1.20 is reached (the upper trend line of the ascending channel)

Comment:

5M timeframe: chart is leaving the descending channel through the upper line which could mean a short-term trend reversal.

1H timeframe: now waiting on the chart to hit the 50MA (purple) and move past it to confirm, we're back on the uptrend again.