Trade idea
The pair is now testing the lower side of the potential descending triangle formation. If it gets broken, this could lead to further declines. But, if this will end up being a falling wedge pattern, then there could be some upside in near term.
Basically, for us to get comfortable with lower areas, a drop below the 100 EMA on the 4-hour chart would be needed.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
The pair is now testing the lower side of the potential descending triangle formation. If it gets broken, this could lead to further declines. But, if this will end up being a falling wedge pattern, then there could be some upside in near term.
Basically, for us to get comfortable with lower areas, a drop below the 100 EMA on the 4-hour chart would be needed.
Please see the chart for levels, targets and the alternative scenario.
Don't forget your stop-loss.
Note
Please join our daily live quick technical market overview webinars - Trader’s Espresso and Trader’s Tea Time - on YouTube.Trader’s Espresso – 06:00 GMT
Trader’s Tea Time – 13:15 GMT
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.
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.