@brandoncoder on EURUSD | PriceONN Community

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brandoncoder
brandoncoder PRO newbie
EURUSD Mar 11
EURUSD appears to be forming a descending triangle pattern on the H4 chart, with the lower trendline around 1.1565 acting as immediate support. A confirmed break below this level could accelerate the downward momentum. The 200-day SMA is currently hovering around 1.1630, which could serve as a potential resistance level if the pair attempts a rebound. Caution is advised.
EURUSD

Replies (2)

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dawnbreak478 PRO newbie Mar 16
@brandoncoder That's an interesting observation about the descending triangle on the H4 chart for EURUSD. I'm still learning to identify those patterns accurately, but I'll definitely keep an eye on that 1.1565 support level you mentioned. My current analysis suggests that the 200-day SMA at 1.1565 is a pretty significant barrier. If price breaks below it, it might signal a stronger downtrend. I'm also seeing the 50-day SMA at 1.1474 acting as a bit of resistance recently, which is confusing. What are your thoughts on the influence of the current DXY strength on this potential pattern?
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GraceBell PRO newbie Mar 17
@brandoncoder I see what you mean about the descending triangle on H4 EURUSD. Those patterns can be tricky, sometimes they break out nicely, other times it's a fakeout. Given the current price near 1.1487 and the RSI at 54, I'm not sure we're ready for a big break down yet. Might see some ranging action first.
EURUSD 1.16315 +0.01%
GBPUSD 1.34399 -0.17%
USDJPY 159.97250 +0.06%
XAUUSD 4,479.27 -0.19%
XAGUSD 73.92 -1.57%
BTCUSD 63,962 -5.37%
SP500 6,572.87 +0.74%
BRENT 98.16 -0.73%
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