Chinedumnweke

EURUSD TRADING ABOVE DESCENDING TRIANGLE (Part 1)

Long
FX:EURUSD   Euro / U.S. Dollar
EURUSD is currently trading above the descending triangle . Now, we know that a break above or below a descending triangle is usually accompanied by a huge move to the down or upside, depending on the direction or position of the break. Since this is a break above triangle on this pair, we may consider this to be thee beginning of a new and extended uptrend. Also consider that this triangle has been a huge accumulation that has lasted for years so, a trending move may be expected to be huge and long lasting, in relation to the huge accumulation. Action and Reaction is equal and opposite.

Now, I have a long-term view and outlook on this pair. Let us now see what is happening in the here and now.

In my next post, I will scale in and give my analysis of what the market is currently doing above the triangle. This will help you find better points to bring your trades with what is, and what may currently be. Cheers!

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