Euro can exit from pennant and then rise to resistance level

Hello traders, I want share with you my opinion about Euro. Observing the chart, we can see that the price a not long time ago declined from the resistance level, which coincided with the seller zone, but soon it turned around and rebounded higher than the 1.0890 level and even the seller zone. But then EUR started to decline and in a short time it fell below the 1.0890 level, breaking it one more time, to the 1.0800 level, which coincided with the support area. Then price bounced to the resistance level and made a downward impulse lower than the 1.0800 level, breaking it and also entering to range. In range, the price tried to back up, but failed and declined to bottom part of this pattern. After this, the price reached the support line of the pennant, and made a strong upward impulse higher than the 1.0800 level, breaking it again, and exiting from the range too. Later Euro reached the resistance line of the pennant, but at once turned around and declined to the support level. Also recently, the price bounced from the support level and now it trades near the resistance line of the pennant, therefore I think Euro can fall to the support line of the pennant and then make an impulse up to the resistance level, thereby exiting from this pattern. For this case, I set my target at the 1.0890 level. Please share this idea with your friends and click Boost 🚀

ความคิดเห็น:

Price didn't make a correction, it at once exited from the pennant and now trades near the resistance line, so in my opinion, Euro can make a retest, after exiting from the pennant and then continue to rise to resistance level