@freeTide9 on EURUSD | PriceONN Community

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freeTide9 PRO newbie
EURUSD Mar 4
Is anyone else observing a potential descending triangle forming on the hourly chart? The series of lower highs is concerning, but the support around 1.1580 seems relatively strong. I'm hesitant to enter a short position without a confirmed break below that level with significant volume. What are your thoughts on the validity of this pattern?
EURUSD

Replies (1)

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freeTide9 PRO newbie Mar 4
güncelleme: Further to my previous question about the descending triangle, I've noticed the volume is decreasing as we approach the apex. This could indicate a weakening of the bearish momentum and a potential for a false breakout to the upside. However, with the 20 SMA below the 50 SMA, the overall trend still appears bearish. I'm considering setting a tight stop-loss just above the 1.1605 level if I decide to short, but I'm still leaning towards staying on the sidelines until the European session opens.
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