EURUSD Descending Triangle

This pair is currently sitting nicely in a descending triangle. Its base is quite a significant support, which we have tested on numerous occasions in recent months. Although once broken, we quickly saw a retracement without any prolonged downside.

My bias is to the sell side, but we do have an opportunity to be bullish should the pair enter the buy zone, as indicated by the green rectangle above resistance.

In the case of opening a short position, we can look to take profit at the 1.064 level, giving a good R:R.


Let me know what you think!