EURUSD - 4H Breakout Imminent (to 1.11200?)
Okay so we've got a triangle which has formed on the 4H chart on this pair. It looks more like an ascending wedge as the angle of the bullish line is far steeper than the bearish. Therefore, we can assume that this will breakdown towards an area of previous support at around 1.11200.
The pair is in a long-term downtrend so we can also assume that the current rise in price is merely a tiny correction before it carries on down; a reversal doesn't look likely right now.
The pair has resistance and confluence from the bearish trend, the moving average and a resistance line at 1.14200
There is also a nice 3.6:1 RR with this trade as shown on the chart, with a tight stop loss if it does break upwards
The pair is in a long-term downtrend so we can also assume that the current rise in price is merely a tiny correction before it carries on down; a reversal doesn't look likely right now.
The pair has resistance and confluence from the bearish trend, the moving average and a resistance line at 1.14200
There is also a nice 3.6:1 RR with this trade as shown on the chart, with a tight stop loss if it does break upwards
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