EUR/USD forming a descending triangle — breakdown incoming?
544 views
5 replies
0 likes
1 month ago
Looking at the EUR/USD daily chart, I can clearly see a descending triangle forming over the last 3 weeks. The support sits around 1.0720 and we've had three lower highs.
Historically, descending triangles break to the downside about 60-70% of the time. Volume has been declining as well which supports the case for a breakout. Watch 1.0720 closely — a daily close below that could send price to 1.0650.
What does everyone else see on their charts?
4 Replies
I've seen this pattern play out many times. The key is patience — waiting for the confirmation candle rather than jumping in early.
I tried a similar approach last quarter and found that the 50 EMA works better on the 4H than the 1H for filtering trends. Less noise.
That's a solid strategy. Have you considered adding volume as a confirmation? It can help filter out false breakouts on lower timeframes.
Interesting perspective. I've been using Fibonacci retracements alongside support/resistance and it's improved my win rate significantly.