@iwhite716 on EURUSD | PriceONN Community

I'm seeing a potential descending triangle forming on the daily chart for EURUSD. Price action has been consolidating between a horizontal support around 1.1470 and a downward sloping trendline. Volume has been decreasing during the consolidation phase, which is typical. If we get a decisive break below that support level, especially with the current dollar strength mentioned in, I'll be looking to initiate a short position targeting the next major pivot support at 1.1400. A break above the trendline would invalidate this setup, though, so I'm waiting for confirmation. The 200 SMA is also above current price, adding to the bearish technical picture if that support fails.