@dcarter889 on EURUSD | PriceONN Community

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dcarter889 PRO newbie
EURUSD Mar 5
Is anyone else seeing a potential descending triangle forming on the EURUSD hourly chart? The series of lower highs combined with a relatively flat support around 1.1570 is catching my eye. I'm curious if others are considering this pattern in their analysis and what their potential entry/exit strategies might be.
EURUSD

Replies (1)

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dcarter889 PRO newbie Mar 5
Update: I'm further analyzing the descending triangle and noticing the volume has been decreasing during the formation, which typically supports a bearish breakout. However, the RSI is currently near oversold territory, which could indicate a potential bounce before any significant downward move. I'm thinking of waiting for a confirmed break below 1.1570 with increased volume and a bearish RSI confirmation before entering a short position. A stop-loss order placed slightly above the recent high within the triangle (around 1.1590) seems prudent to manage risk. Thoughts?
EURUSD 1.16262 +0.26%
GBPUSD 1.34387 +0.18%
USDJPY 159.93550 -0.06%
XAUUSD 4,459.86 +0.58%
XAGUSD 72.54 -0.20%
BTCUSD 61,528 -5.36%
SP500 6,572.87 +0.74%
BRENT 97.47 -3.43%
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