EURUSD: Price broke the triangle. What's coming next?
EUR/USD has finally broken the triangle that kept the price ranging for more than two months. A strong Dollar coupled with Dovish ECB led to the sharp decline during the last week.
On the 4H, you can see that price broke the green line which has acted as a support level for quite some time.
However, on the larger 1D timeframe, there's yet another support level which I've indicated with the Blue line.
STRATEGY FOR THE UPCOMING WEEK
I don't expect the price to break the blue line so easily. So, at the start of the next week, I will be watching the price action closely and monitor how price behaves around the blue line.
In case it shows signs of a reversal, I would put pending Buys at 1.1540 area and expect the price to test the green line once again.
On the 4H, you can see that price broke the green line which has acted as a support level for quite some time.
However, on the larger 1D timeframe, there's yet another support level which I've indicated with the Blue line.
STRATEGY FOR THE UPCOMING WEEK
I don't expect the price to break the blue line so easily. So, at the start of the next week, I will be watching the price action closely and monitor how price behaves around the blue line.
In case it shows signs of a reversal, I would put pending Buys at 1.1540 area and expect the price to test the green line once again.
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