💱 EURUSD - Descending triangle. Price breaks support

2023年5月2日

EURUSD is forming an ABCD pattern (descending triangle) and today price is breaking support, going into the red zone, which could be a signal for a possible drop.

TA on the high timeframe:
1) Price breaks MA-50 and MA-100. After the breakdown of the moving lines a bearish impulse is formed
2) Breaking through the support means the beginning of a correction, which may reach 1.090.
3) Globally, there is a false breakdown of the resistance at 1.10000.

TA on a low timeframe:
1) The strong support level of 1.0964 is forming, the price breaks this level.
2) It is possible that in the near future the price may retest the previously broken level.
3) If the price gets fixed under this level, the currency pair will open the way for the downside towards 1.0909 (strong support level)

Key resistance: 1.0964, 1.0994
Key support: 1.09300, 1.0909