The Euro
has been consolidating versus the Dollar, but it has been making higher lows
with the 55 period Exponential Moving Average on the 4 hour chart as
resistance, forming what it seems like an ascending triangle. If we use the
1.2500 level as the upper line of the triangle, we can see the formation much
better.
If there is
a bullish breakout of the 1.2500 level, then the best thing to do is to wait
for confirmation of such breakout and then the pullback for a possible long
entry. However, the price may also break to the downside causing the pair to
continue with its bearish long-term trend.
Thank you for the analysis i'll keep an eye on the ascending triangle.
ReplyDeleteIt's an ascending triangle indeed, now we have to wait for the breakout.
ReplyDeleteWell spot of the ascending triangle.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteThe symmetrical triangle reflects the indecision of investors although it is usually a continuation pattern.
ReplyDeletegreat analysis
ReplyDeleteInteresting information. Thanks.
ReplyDeleteGood analysis.
ReplyDelete