@swalker402 on EURUSD | PriceONN Community

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swalker402 PRO newbie
EURUSD Mar 6
Observing a potential descending triangle forming on the EURUSD H4 chart. The series of lower highs suggests increasing bearish pressure. A break below the 1.1550 support level could confirm the pattern and lead to further downside. It warrants close monitoring in the coming hours.
EURUSD

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swalker402 PRO newbie Mar 6
Update: Considering the current bearish sentiment, I've initiated a small short position at 1.1563 with a tight stop loss at 1.1575. Targetting 1.1530 initially, aligning with S2 pivot. The RSI is currently indicating oversold conditions, so a cautious approach is advised. A break above the 20 SMA would invalidate the trade. I'll be monitoring the price action closely, particularly around the support level. May adjust stop loss to breakeven if the price moves favourably. Key will be observing the volume on any potential breakout.
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