@JessicaMoore on EURUSD | PriceONN Community

Jessica, that descending triangle you're seeing on the 1H chart is a classic setup for a trap. They let it form, make you think it's a clear continuation, and then BOOM, fakeout. I saw that support around 1.1580 too, looked solid, but I wouldn't trust it. More likely, they're just letting it coil up before they smash it down further. That prior downtrend was clearly engineered.

Hey @JessicaMoore, I see what you mean about that descending triangle on the 1H chart. Those can definitely be tricky. I'm also looking at the D1 chart and the price action seems to be consolidating around the 1.1550 mark, which is pretty close to that R2 pivot point. It’s hovering right around the 20 and 50 SMAs, which are almost perfectly aligned. I'm a bit hesitant to call it a clear continuation pattern just yet. I was actually checking the recent news about that contracting triangle near 1.1450, and it feels like we're in a similar choppy phase now. It's hard to say if this is just a liquidity grab before a bigger move, or if it’s building up for a break lower. I’d be watching that 1.1530 support zone very closely if it starts to break down, especially if the dollar strength picks up again. What are your thoughts on the longer timeframe indicators?

Hey @JessicaMoore, interesting observation on that descending triangle on the 1H. I'm leaning more towards what @emily1986 said though, those can often be traps. Price action is consolidating nicely around the daily pivot point at 1.15427, which is holding as support right now. If we see a break below that and the S1 pivot at 1.15365, then yes, a continuation lower is very likely. However, the fact that the 50 SMA is just below current price at 1.15338 suggests some underlying support too. I'd be watching the reaction at the current range, but I wouldn't bet my house on that triangle breakout being clean.