The EURUSD pair broke today above the top (Lower Highs trend-line) of the Triangle pattern that started on the July 17 2023 high. The more shorter term pattern has been a Channel Up (blue) since the April 15 2024 Low and today's break-out, has tested its top.
Those are two conflicting trends, so the key here is to observe the 1W candle closing and then take action. A closing above the Lower Highs of the Triangle, confirms that there is a new pattern in play, a (dotted) Channel Up similar to the uptrend of October - December 2023. In that case, we will buy on the weekly close and target 1.11400 (Resistance 2).
If on the other hand the 1W candle closes back below the Lower Highs (thus still inside the blue Channel Up), we will remain bearish, aiming for a new Bearish Leg that will test again (3rd time) the 1W MA100 (green trend-line). In that case our Target will be modified to 1.075000.
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Those are two conflicting trends, so the key here is to observe the 1W candle closing and then take action. A closing above the Lower Highs of the Triangle, confirms that there is a new pattern in play, a (dotted) Channel Up similar to the uptrend of October - December 2023. In that case, we will buy on the weekly close and target 1.11400 (Resistance 2).
If on the other hand the 1W candle closes back below the Lower Highs (thus still inside the blue Channel Up), we will remain bearish, aiming for a new Bearish Leg that will test again (3rd time) the 1W MA100 (green trend-line). In that case our Target will be modified to 1.075000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.