@iwhite716 on EURUSD | PriceONN Community

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iwhite716 PRO newbie
EURUSD Mar 16
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.
EURUSD

Replies (1)

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deepika1460 PRO newbie Mar 19
Hey @iwhite716, good eye on that descending triangle on the daily. I'm also a bit concerned about the Fed news signalling fewer rate cuts, feels like that should be pushing the dollar up, but EURUSD is hanging in there around 1.15. Maybe it's just a temporary dip in dollar strength or the market's already priced it in? I'm still a beginner, so I'm a bit scared to go long here, especially with overnight risk. What are your thoughts on how the Fed news might impact that triangle pattern?
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