EURUSD has been in a downtrend in recent weeks, but has now hit weekly support where it formed a triple bottom, and now seems to be building strength off that level.
It is now squeezing up in the triangle highlighted on the chart.
At this point it’s unclear where the market wants to go. Will the downtrend continue and break though that weekly support level, or will it break up through that squeeze and turn to the upside?
We will be looking for potential breakouts and retests of this squeeze in order to go long.
Otherwise we will be looking for sell signals on lower highs in order to go short if the downtrend is still intact.
It is now squeezing up in the triangle highlighted on the chart.
At this point it’s unclear where the market wants to go. Will the downtrend continue and break though that weekly support level, or will it break up through that squeeze and turn to the upside?
We will be looking for potential breakouts and retests of this squeeze in order to go long.
Otherwise we will be looking for sell signals on lower highs in order to go short if the downtrend is still intact.