EURUSD: Potential Breakout of Falling Wedge EURUSD, 240 Long
EURUSD: Potential Breakout of Falling Wedge
EURUSD, 240
Long
Hello traders,
I'm looking at the EURUSD chart and I see a potential breakout of a falling wedge pattern that has been forming since June. The falling wedge is a bullish reversal pattern that indicates a decrease in selling pressure and a possible trend change.
The price is currently testing the upper trendline of the wedge, which coincides with the 50% Fibonacci retracement level of the last swing down. If the price can break and close above this level, it would confirm the breakout and open the door for further upside.
The target for the breakout is measured by taking the height of the wedge and projecting it from the breakout point. In this case, the target would be around 1.2050, which is also near the previous resistance zone and the 78.6% Fibonacci retracement level.
The stop loss for this trade could be placed below the most recent swing low at 1.1780, which is also below the lower trendline of the wedge and the 23.6% Fibonacci retracement level.
This is my personal opinion and not a financial advice. Please do your own research and risk management before entering any trade.
Happy trading!
EURUSD, 240
Long
Hello traders,
I'm looking at the EURUSD chart and I see a potential breakout of a falling wedge pattern that has been forming since June. The falling wedge is a bullish reversal pattern that indicates a decrease in selling pressure and a possible trend change.
The price is currently testing the upper trendline of the wedge, which coincides with the 50% Fibonacci retracement level of the last swing down. If the price can break and close above this level, it would confirm the breakout and open the door for further upside.
The target for the breakout is measured by taking the height of the wedge and projecting it from the breakout point. In this case, the target would be around 1.2050, which is also near the previous resistance zone and the 78.6% Fibonacci retracement level.
The stop loss for this trade could be placed below the most recent swing low at 1.1780, which is also below the lower trendline of the wedge and the 23.6% Fibonacci retracement level.
This is my personal opinion and not a financial advice. Please do your own research and risk management before entering any trade.
Happy trading!