Double Falling Wedge Patterns tend to breakout topside more often than not.
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Keeping eyes on EU as it reaches apex, wedge loses buyer confidence, the longer it takes.
Apex in purple:
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Earlier wedge invalid. Buyers holding new support level. @ 1.11300 Could mean wedge will move towards new 15M timeframe support in red.
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Oops 1.11330 instead of 1.11300
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New support @1.11330 broken but with massive bullish pin bar, closing just above that level:
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NOTE: backtest falling wedge evolving into downward channel with larger apex.
Transaction en cours
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Reached resistance. Noticing a lot of buyers taking profit here again.
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Confirmed early buyer failure to breach resistance level on 1M chart.
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Earlier channel resistance could become support.
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This might be the reason why we're not getting higher highs. Rising wedges are often reversals of uptrends.
30M:
Trade fermée: ordre d’arrêt atteint
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Break stops reached with a bit of slippage on the side.
NOTE TO SELF: falling wedge pattern was success, even within a larger timeframe rising wedge. However, buyers failed to punch resistance three times now. Downfall is almost certain at this point. Closing analysis.