Hi traders! Analyzing EUR/GBP on the 30M timeframe, spotting a potential bullish breakout from a triangle pattern inside a broader downtrend:
🔹 Entry: 0.86008
🔹 Take Profit (TP): 0.86423
🔹 Stop Loss (SL): 0.85547
Price was consolidating inside a descending channel and recently formed a symmetrical triangle pattern. After multiple touches at both trendlines, bullish momentum broke the triangle to the upside, suggesting a possible short-term reversal or corrective move against the prevailing downtrend.
The breakout is supported by a clean candle close above the triangle resistance and a potential retest of the breakout zone. RSI is turning up from the oversold area, signaling a shift in momentum.
If bulls maintain control, we could see a push toward the upper limit of the channel or even a full retracement to 0.86423, where previous structure aligns with dynamic resistance.
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
🔹 Entry: 0.86008
🔹 Take Profit (TP): 0.86423
🔹 Stop Loss (SL): 0.85547
Price was consolidating inside a descending channel and recently formed a symmetrical triangle pattern. After multiple touches at both trendlines, bullish momentum broke the triangle to the upside, suggesting a possible short-term reversal or corrective move against the prevailing downtrend.
The breakout is supported by a clean candle close above the triangle resistance and a potential retest of the breakout zone. RSI is turning up from the oversold area, signaling a shift in momentum.
If bulls maintain control, we could see a push toward the upper limit of the channel or even a full retracement to 0.86423, where previous structure aligns with dynamic resistance.
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔥Eleva your trading game with some of the most powerful tools available today: tinyurl.com/3y3cjdx4
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.