Euro may drop to 1.1200 points, exiting from pennant pattern

28 apr

Hello traders, I want share with you my opinion about Euro. Earlier, the price was growing steadily inside an upward pennant, following a strong breakout from the buyer zone. This impulse pushed the market higher toward the current support level at 1.1300, where the price found a temporary stabilization. Afterward, EUR moved into a range phase, trading sideways between local highs and lows. Despite several attempts to break higher, the market repeatedly showed weakness near the upper boundary, resulting in multiple turnarounds. Each bounce up was followed by lower highs, forming the descending resistance line of the pennant, while buyers defended the support area. Currently, the market is squeezed between the resistance and support lines, forming a classic compression pattern. Price action reveals increasing pressure on the support, and recent rebounds are becoming weaker, a clear sign of buyers losing momentum. In my view, the overall market situation has shifted from a strong bullish impulse toward a potential downside correction. So, given the breakdown structure forming and the price testing the lower side of the pennant multiple times, I expect a bearish breakout soon. My current TP1 is the 1.1200 points level. Please share this idea with your friends and click Boost 🚀

7 giorni fa

Trade attivo

Ok, price rose a little, thereby exiting from the pennant and even made a retest. Now, I expect it will continue to decline to my TP, breaking the support level as well.

6 giorni fa

Trade chiuso: obiettivo raggiunto

Great! Price continued to decline, so I expect that it can soon break the support level and drop to my TP.