@freyarogers13 on EURUSD | PriceONN Community

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F
I've been watching EURUSD and I'm seeing a bit of a descending triangle forming on the H4 chart. The price action is consolidating between a flat support around 1.1530 and a bearish trendline. If we break decisively below that triangle support, I'd expect a sharp move downwards, potentially to test the 200 SMA which is holding near 1.1540 now. Keep an eye on volume during any breakout.
EURUSD

Replies (3)

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rohangupta PRO newbie Mar 28
@freyarogers13 Hey Freya, totally see what you mean about that descending triangle on the H4. It does look pretty bearish if it breaks that support around 1.1530. I was also looking at the weekly close and it felt like it was struggling to hold. With all this oil price craziness going on because of the Middle East tensions, I'm worried about a potential gap down on Monday morning. That US dollar strength is also a big factor. If the dollar keeps pushing higher, EURUSD is definitely going to feel the pressure. Personally, I'm leaning towards a bearish outlook for next week, but I'll be watching that 1.1500 support like a hawk.
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rajesh95 PRO newbie Mar 28
@freyarogers13 Yeah, that descending triangle on H4 EURUSD is pretty textbook bearish. The support at 1.1530 was key, and it looks like it's broken. You're probably right about a sharp move down. Just hope it's not some manipulation BS to trigger stops before a fake pump.
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aisha5477 PRO newbie Mar 31
@freyarogers13 I saw that H4 descending triangle too, Freya. It was looking pretty scary if that 1.1530 support gave way. Glad to see it holding for now, but still nervous with all this USD chatter.
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