Descending Triangle - EU
Here I have EUR/USD on the 1Hr Chart which seems to be outlining what looks to be a Descending Triangle pattern!!
We had price test the Falling Resistance TWICE with price showing the Support Zone down below.
If this Descending Triangle should stand true I would like to see a THIRD test of the Falling Resistance before price falls back down to the support area and BREAKING BEARISH!!
-BUT-
There is always the chance EUR beats out USD being so light on News this week that if news is bad for USD, we could see a BULLISH BREAK to this Pattern instead!
Fundamentally:
EUR -> Economic Forecast (Mon), Economic Sentiment (Tue) and Lagarde Speaking (Fri)
USD -> CPI (Tue), PPI & Retail Sales (Wed), Unemployment (Thur) and Building Permits (Fri)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
*If price Breaks and Closes above Falling Resistance, pattern INVALIDATED!
*If price Breaks and Closes below Support Area, price action will initiate Trade Action Plan!
We had price test the Falling Resistance TWICE with price showing the Support Zone down below.
If this Descending Triangle should stand true I would like to see a THIRD test of the Falling Resistance before price falls back down to the support area and BREAKING BEARISH!!
-BUT-
There is always the chance EUR beats out USD being so light on News this week that if news is bad for USD, we could see a BULLISH BREAK to this Pattern instead!
Fundamentally:
EUR -> Economic Forecast (Mon), Economic Sentiment (Tue) and Lagarde Speaking (Fri)
USD -> CPI (Tue), PPI & Retail Sales (Wed), Unemployment (Thur) and Building Permits (Fri)
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction-
*If price Breaks and Closes above Falling Resistance, pattern INVALIDATED!
*If price Breaks and Closes below Support Area, price action will initiate Trade Action Plan!
Novi_FIbonacci
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