EUR/USD: Triangle Breakout Risk Warning
The EUR/USD chart is forming a descending triangle pattern, signaling a strong breakout in the near future.
Furthermore, the nine-day Exponential Moving Average (EMA) is lower than the 14-day EMA, confirming the current negative trend in the EUR/USD market. The short-term price momentum is weaker, suggesting that the price will continue to fall.
On the downside, the psychological level of 1.0800 looks to be the immediate support level, as it corresponds to the upper limit of the declining channel. If the market falls back into this channel, it may enhance the chance of a drop to the psychological threshold of 1.0700.
In terms of resistance, the EUR/USD pair may face an initial hurdle at the nine-day Exponential Moving Average (EMA) at 1.0826, followed by the 14-day EMA at 1.08136. A breakthrough above these EMAs could lead the pair to approach the psychological level of 1.0900.
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Furthermore, the nine-day Exponential Moving Average (EMA) is lower than the 14-day EMA, confirming the current negative trend in the EUR/USD market. The short-term price momentum is weaker, suggesting that the price will continue to fall.
On the downside, the psychological level of 1.0800 looks to be the immediate support level, as it corresponds to the upper limit of the declining channel. If the market falls back into this channel, it may enhance the chance of a drop to the psychological threshold of 1.0700.
In terms of resistance, the EUR/USD pair may face an initial hurdle at the nine-day Exponential Moving Average (EMA) at 1.0826, followed by the 14-day EMA at 1.08136. A breakthrough above these EMAs could lead the pair to approach the psychological level of 1.0900.
If this post is useful to you, you can support me with like/boost and advice in comments❤️
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