Is EURUSD getting ready to plummet?
Rectangle patterns usually act as continuation patterns – as we see on the 4H timeframe, on 12 May we saw EURUSD break out of the ranging rectangle pattern and fell to the big monthly 1.0350 support level (and 2017 low of 1.0341) before finding demand there. With price currently pushing for a re-test for the breakout zone, could a rejection of 1.05 to set the pair up for another leg lower?
Trade closed: target reached
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
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.