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Gold-Tech
May 2, 2023 10:03 AM

šŸ’± EURUSD - Descending triangle. Price breaks support Ā Short

Euro Fx/U.S. DollarFXCM

Description

ā‹…
EURUSD is forming an ABCD pattern (descending triangle) and today price is breaking support, going into the red zone, which could be a signal for a possible drop.

TA on the high timeframe:
1) Price breaks MA-50 and MA-100. After the breakdown of the moving lines a bearish impulse is formed
2) Breaking through the support means the beginning of a correction, which may reach 1.090.
3) Globally, there is a false breakdown of the resistance at 1.10000.

TA on a low timeframe:
1) The strong support level of 1.0964 is forming, the price breaks this level.
2) It is possible that in the near future the price may retest the previously broken level.
3) If the price gets fixed under this level, the currency pair will open the way for the downside towards 1.0909 (strong support level)

Key resistance: 1.0964, 1.0994
Key support: 1.09300, 1.0909
Comments
Gold-Tech
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Hi! Do u agree with me? Share your opinion ;)
pejman_zwin
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Great work. I am interested to see your ideas.šŸ”„
KABHI_FOREX_TRADING
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Prefect analysis on EURUSD - Great
basictradingtv
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keep it up!
JoeChampion
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Great insight mate!
Giovaknni
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Yeah Iā€™m with you.
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