EURUSD: Pennant Formation, breakout buy then bearish swing
Updated
Looking at the pennant on the Daily, I believe this move will consolidate in the formation before breaking out the top. Once it reaches the downward trend line from the monthly chart, it'll most likely set up for a long term bearish swing trade.
The second option is breaking out the bottom and making the same movement down although I feeling this is less likely a possibility.
TP and SL will be posted later on confirmation of movement.
The second option is breaking out the bottom and making the same movement down although I feeling this is less likely a possibility.
TP and SL will be posted later on confirmation of movement.
Note
Today the trend is under the bottom support of the pennant so the second option might play out. Waiting for retest before before entry.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.