Euro / U.S. DollarShort
Euro can start to fall, thereby exiting from pennant pattern
Updated
Hello traders, I want share with you my opinion about Euro. Observing the chart, we can see how the price declined inside the downward channel, where it fell to the seller zone, which coincided with the resistance level. Then price fell to this level and then rebounded and in a short time rose to 1.0935 points, exiting from the channel and making a first gap. Then Euro turned around and started to decline inside a downward pennant, where it soon broke the 1.0760 level and then tried to back up, but failed and continued to decline. In a short time, the Euro dropped to the 1.0485 level, which coincided with the buyer zone, broke it, and fell to the support line of the pennant. Then it turned around and quickly rose to the resistance line of the pennant pattern, making a second gap and breaking the 1.0485 level one more time. After this, the price turned around and fell from the resistance line to the support level, where it continues to trade very close to this day. In my mind, the Euro can rise to the resistance line of the pennant and then rebound down, thereby exiting from this pattern and breaking the support level. After this movement, I think that the price will continue to decline, so, I set my TP at 1.0350 points. Please share this idea with your friends and click Boost 🚀
Trade active
Ok. Price exited from pennant, breaking the support level too, but now it trying to back up. So, I think that it will fail and continue to decline to my TP.Trade closed: target reached
So, the price rose to the resistance line of the pennant, after which started to decline. For this reason, I still waiting for when Euro to exit from the pennant pattern, thereby breaking the support level too, and continue to decline to my TP.
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