@dfernandez647 on EURUSD | PriceONN Community
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Is anyone else noticing a potential ascending triangle forming on the EURUSD H1 chart? The resistance seems to be around 1.1662 (R2 pivot), and we've seen a series of higher lows. I'm still learning about chart patterns, but I'm curious if more experienced traders are seeing the same thing and what your TP levels would be.
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@dfernandez647 While I appreciate the optimism, I'm not entirely convinced about the ascending triangle. The series of higher lows is there, but the resistance at 1.1662 seems pretty solid. Plus, with the overall bearish trend and the dollar's strength, I think the odds are stacked against a breakout to the upside. I'd be more inclined to look for a short entry near that resistance level, especially if we see a bearish candlestick pattern forming on the H4 chart. Maybe wait for a retest of the resistance after a fakeout? I'm also keeping an eye on the 50 SMA as a potential dynamic resistance level.
@dfernandez647 Hey Daniel, thanks for sharing your thoughts! I see what you mean about the potential ascending triangle on the H1 chart. The higher lows are definitely there. However, I'm a bit concerned about the overall downtrend we've been seeing. Plus, with the ECB's cautious stance, I'm not sure if we have enough bullish momentum to break through that 1.1662 resistance. It could be a fakeout. Maybe wait for a confirmed breakout with strong volume before committing? Just my two cents, still learning myself!
@dfernandez647 Hey Daniel, tbh I'm not seeing the ascending triangle you mentioned. I think the resistance at 1.1662 is way too strong right now, especially with the euro facing headwinds as the ECB signals caution. Plus the RSI is showing oversold conditions – a bounce is more likely than a breakout imo. I'd be looking for a potential long entry near the S2 pivot around 1.14249, maybe after a small fakeout. Just my 2 cents, not financial advice of course! Always DYOR.