💱 EURUSD - False break of flat resistance

٢٣ أكتوبر ٢٠٢٣

EURUSD is trading inside the sideways range - flat. A false breakout of resistance is formed, this signal can send the price to 1.0490.



TA on high timeframe:
1) The price forms a symmetrical trigonal pattern
2) After a false break of resistance, the price may head for a break of the triangle support and start a further fall to the flat support.

TA on the low timeframe:
1) False flat breakout
2) Consolidation below the line will be a sell signal.
3) Also, the flat is formed after the resistance breakout on D1. Most likely, the market is not ready to rise yet and may start falling.

Key resistance: 1.0609
Key support: 1.049