Will Ascending Triangle fail soon?

#EURUSD #FX #4H #Tommy
- Here’s EURUSD 4hr chart and I have made an assumption that the bearish wave starting from around 1.23470 is an impulsive wave cycle in Elliott wave perspective.
- It’s currently testing bottom of the orange ascending triangle with top located around 1.11240 and this very wave structure also can be expressed with an orange upward parallel channel.
- At the same time, purple short-term downward trendline keeps showing strong rejections. I will be bearish if bottom of the ascending triangle breaks below first.
- On the other hand, I will be bullish if purple trendline breaks above and even more bullish when it successfully breaks the top of the ascending triangle above.
- If EURUSD successfully breaks ascending triangle above, a considerable resistance area to enter short position is at 1.13100~1.13600.
- This resistance is a confluent zone of blue trendline, top of black channel, top of the orange channel, 0.786 retracement level, HVP pivot level, and inner trendline and is valid only until April 9th.
- If I were to design a short trading setup, it would be as below.

Short (Valid until 04/09)
EP: 1.13100
SL: 1.13970 (-870 PIPS)
TP1: 1.11790 (+1310 PIPS) -> RR: 1.51
TP2: 1.10260 (+2840 PIPS) -> RR: 3.26