EURUSD, Short or Long depending on confirmation
Price Action has been in consolidation within a descending triangle
Price has formed 2 Lower Highs
Price has broken the purple trendline via the right shoulder of the Head and Shoulder formation
Price is moving down to the support level at the $1.216 zone
A) If price breaks below support, look for the retest and continue the sell. Take profit at $1.1940 zone . It will also cancel out the current descending triangle
B) If price fails to break below support, look for confirmation to buy back to the resistance level. Take profit at $1.238
Price has formed 2 Lower Highs
Price has broken the purple trendline via the right shoulder of the Head and Shoulder formation
Price is moving down to the support level at the $1.216 zone
A) If price breaks below support, look for the retest and continue the sell. Take profit at $1.1940 zone . It will also cancel out the current descending triangle
B) If price fails to break below support, look for confirmation to buy back to the resistance level. Take profit at $1.238
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