Recently, a false breakout was seen when EUR broke out above the short term resistance line acting as the top of the triangular formation but ended up below it 4 hours later. Unless 1.1224 is clearly breached again to the upper side with a big green candle, I expect a decline towards the lower trend line and even a breakout below to continue short. On the Hour chart above, wait and sell upon a clear breakout below the lower trend line or on a clear rejection from 1.1224 with TP fixed at 1.1165
Technical levels:
Resistance levels
R1: 1.1228
R2: 1.1228
R3: 1.1235
Pivot Point
1.1220
Support Levels
S1: 1.1204
S2: 1.1212
S3: 1.1214
Trade Signal
Wait for a breakout below the lowertrendline to short EUT towards 1.1165
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