Hello everyone, here is my breakdown of the current Euro setup.
Market Analysis
From a broader perspective, EURUSD has been in a long phase of accumulation, which has formed a large Upward Triangle. This pattern is defined by a flat horizontal resistance at the 1.1770 level and a rising support line, showing that while sellers are holding the highs, buyers are progressively becoming more aggressive on each pullback.
Currently, the price is in a corrective pullback phase within this triangle. It is now approaching the ascending support line, a key dynamic level that has consistently provided a floor for the price during this entire consolidation period.
My Scenario & Strategy
My scenario is built on the expectation that this Upward Triangle will resolve to the upside, in line with its classic technical interpretation. I’m looking for the price to complete its dip and find strong support on the triangle’s support line. The key event would then be a decisive breakout above the 1.1770 Resistance.
Therefore, the strategy is to watch for this bounce as the entry trigger. A confirmed breakout above the Resistance Zone would validate the long scenario. The primary target for the subsequent expansion is 1.1820, a logical measured move objective after such a prolonged consolidation.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
