EURUSD - Bearish or Bullish Breakout?
Updated
Hi Traders!
The market is - after a strong Upmovement -
in a consolidation.
As you can see the rally started at 1.07800.
It climbed up fastly and finally reached the weekly resistance at 1.14000.
After that it started the consolidation.
This consolidation is in a pattern of the descending Triangle.
Now there are two possibilities the market can do:
We recommend to trade the breakout when the candle closes!
Thanks and successful Trading :)!
The market is - after a strong Upmovement -
in a consolidation.
As you can see the rally started at 1.07800.
It climbed up fastly and finally reached the weekly resistance at 1.14000.
After that it started the consolidation.
This consolidation is in a pattern of the descending Triangle.
Now there are two possibilities the market can do:
- Bearish Breakout
The market breaks out of the Support at 1.12200.
The target is the next Support.
The SL is over the triangle and the RTR is 1 to 2 .
This possibility is shown in the chart. - Bullish Breakout
The market breaks out of the Trendline.
This could result a "Bullish Flag Pattern".
The SL would be under the Support at 1.12200.
This idea is not shown in the chart.
We recommend to trade the breakout when the candle closes!
Thanks and successful Trading :)!
Note
The RED BOX, but in Big, in this comment!Note
In the case of a Bullish Breakout; possible scenario:
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