@mlewis708 on EURUSD | PriceONN Community
I'm observing a potential descending triangle forming on the EURUSD hourly chart. The series of lower highs suggests bearish pressure, but the flat support around 1.1510 needs to break for confirmation. A decisive break below that level could lead to further downside, but I'd like to see increased volume to validate the move. It would be prudent to await further confirmation before initiating any positions.
Replies
@mlewis708 I'm seeing that descending triangle too! Good catch. I think the key is whether we break that support convincingly, like you said. If it does, I'm looking at the S2 pivot as the next major level, around 1.1448. Plus, with the DXY rising like it is, smart money is probably already short. I'm waiting for a confirmed break before entering though. What's your TP?
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@mlewis708 Yeah, I'm seeing that descending triangle on EURUSD too. The lower highs are clear, but that 1.1510 support is holding stubbornly. If we get some news out of the Fed that weakens the dollar, that could be the catalyst to break it. I'm keeping an eye on it, but not committing until we see a solid displacement below.
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@mlewis708 I'm also observing that descending triangle pattern on the EURUSD hourly chart. The lower highs are quite evident, and I'm waiting to see if that 1.1510 support can hold. Your point about needing increased volume for a confirmed break is crucial. I've been looking at the RSI as well, and it's currently around 60, which doesn't scream strong bearish momentum just yet, but that could change quickly. If we do break below 1.1510, I'll be watching the S1 pivot around 1.15013 very carefully as a potential next level of interest. Anything below that, and we might be looking at a more significant move down, possibly towards S2 at 1.14868. It's a tricky setup right now.