Hi Traders!
A falling wedge is forming on the EURUSD 4H chart, and we could have a breakout soon.
Here are the details:
The market has found support and resistance at both the trendline support and trendline resistance of the wedge, as the market is looking for a direction.
Looking at the price action, it looks bullish; we have had multiple tests at the trendline support and have broken above the 20 EMA. The market is currently on the trendline resistance, and we are looking for a break and a close above the trendline.
As long as the market stays above the 20 EMA, our view will remain bullish. We expect some more consolidation before a possible attempt at the trendline break.
Preferred Direction: Buy
Technical Indicators: 20 EMA
Resistance: 1.08501
Support: 1.07960
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
A falling wedge is forming on the EURUSD 4H chart, and we could have a breakout soon.
Here are the details:
The market has found support and resistance at both the trendline support and trendline resistance of the wedge, as the market is looking for a direction.
Looking at the price action, it looks bullish; we have had multiple tests at the trendline support and have broken above the 20 EMA. The market is currently on the trendline resistance, and we are looking for a break and a close above the trendline.
As long as the market stays above the 20 EMA, our view will remain bullish. We expect some more consolidation before a possible attempt at the trendline break.
Preferred Direction: Buy
Technical Indicators: 20 EMA
Resistance: 1.08501
Support: 1.07960
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX