BluetonaFX

BluetonaFX - EURUSD Descending Triangle SHORT Idea

Short
BluetonaFX Updated   
OANDA:EURUSD   Euro / U.S. Dollar
Hi Traders!

EURUSD is near its lowest level in three months. There is a descending triangle formation on EURUSD, and there is a possibility of a breakout to the downside.

Price Action πŸ“Š

The market is in a descending price channel with lower highs and lower lows, creating a descending triangle pattern on the chart.

We are looking for a support break and a close below the 1.06352 level.

Fundamental Analysis πŸ“°

The market's outlook on USD is very positive due to strong economic data recently released. Out of all major economies, the US economy currently looks to be the strongest, and demand for the US dollar is high.

Support πŸ“‰

1.06352: THREE-MONTH LOW

Resistance πŸ“ˆ

1.06718: PREVIOUS DAY'S HIGH

Risk ⚠️
No more than 2% of your capital.

Reward πŸ’°
At least 4% of your capital.

Please make sure to click on the like/boost button πŸš€ as your support greatly helps.

Trade safely and responsibly.

BluetonaFX
Comment:
Market is approaching 1.06352 looking for a momentum break below.
Comment:
Momentum break below 1.06352 achieved.
Trade closed: target reached:
Target Area reached. Trade idea complete

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