EURUSD FORMED BEARISH PENNANT. THE PRICE IS READY TO DROP.
EURUSD has been trading sideways within the last day, showing lower highs and higher lows. Eventually, the price has formed the pennant chart pattern.
What is a pennant?
A pennant chart pattern is a short-term continuation pattern in technical analysis, resembling a small symmetrical triangle, formed after a strong price movement (flagpole). It consists of converging trendlines, indicating a brief consolidation before the trend resumes. Bullish pennants form after an uptrend, bearish pennants after a downtrend.
The price is expected to decline towards 1.14500 support level
EURUSD has been trading sideways within the last day, showing lower highs and higher lows. Eventually, the price has formed the pennant chart pattern.
What is a pennant?
A pennant chart pattern is a short-term continuation pattern in technical analysis, resembling a small symmetrical triangle, formed after a strong price movement (flagpole). It consists of converging trendlines, indicating a brief consolidation before the trend resumes. Bullish pennants form after an uptrend, bearish pennants after a downtrend.
The price is expected to decline towards 1.14500 support level
Trade active
EURUSD REACHED THE TARGET.EURUSD has reached the 1.14500 level and even broke it down. Currently the price consolidates slightly below this level. If the price forms a false breakout of 1.14500 level, this will mean the end of short-term decline in the pair. Stay cautious.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.