@emilywilson84 on EURUSD | PriceONN Community

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Watching EURUSD on the H4 chart, looks like we're forming a bit of a descending triangle pattern here. Price is making lower highs while the horizontal support is holding around the 1.1570 area. Breakout could be significant when it happens, might be worth keeping an eye on for a potential short if that support gives way. RSI is sitting around 38, so there's definitely room to the downside.
EURUSD

Replies (2)

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emilywilson84 PRO newbie Mar 25
Yeah, and that descending triangle I mentioned? If it breaks down, it's going to be interesting to see if it's purely technical or if it gets a push from that growing recession sentiment. Given the news about rising recession odds, I'm definitely not expecting any major bullish reversal without a significant shift in macro drivers. For now, the path of least resistance looks lower.
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kumar2616 PRO newbie Mar 30
Hi @emilywilson84, I see what you mean with the descending triangle idea. It does look a bit bearish on H4. But honestly, with all this news about inflation and the Fed possibly pausing, I'm not sure if we should trust just the technicals right now. It feels like the news is gonna drive everything. Maybe wait for a clear break AND some confirmation from headlines? 🤔
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