Chart Overview
This is a EUR/USD 1-hour chart showing a classic Triple Bottom Reversal Pattern, a strong bullish reversal signal. The price has tested a key support level multiple times, forming three distinct bottoms, indicating that sellers are losing momentum while buyers are stepping in.
This setup suggests an upcoming breakout, with well-defined entry, take profit, and stop-loss levels to capitalize on the potential upward move.
Technical Breakdown
1. Support & Resistance Zones
Support Zone (Highlighted in Beige)
The price has tested this zone multiple times without breaking below, confirming strong buying interest.
Each time the price touched this level, it rebounded, indicating accumulation by buyers.
Resistance Zone (Highlighted in Beige)
The price previously reversed from this level, making it a key area to watch for a breakout.
A confirmed breakout above this resistance could trigger strong upward momentum.
2. Triple Bottom Formation
A Triple Bottom is a strong bullish reversal pattern. It consists of:
Bottom 1: First rejection from support.
Bottom 2: A retest of support with buyers defending the level.
Bottom 3: The final touch before an upward move, confirming the pattern.
This pattern signals that selling pressure is diminishing and buyers are preparing for a strong breakout.
3. Bullish Reversal & Breakout Zone
A breakout above the neckline resistance (around 1.0843) will confirm the pattern.
Traders should wait for a confirmed candle close above the resistance before entering a long position.
A retest of the breakout zone can provide an additional entry opportunity.
Trade Setup & Key Levels
🔹 Entry Strategy
Aggressive Entry: Enter at the breakout level (above 1.0843) with volume confirmation.
Conservative Entry: Wait for a breakout retest before entering long.
🎯 Take Profit Targets
TP1: 1.08868 (First resistance zone)
TP2: 1.09642 (Major resistance zone, strong price reaction expected)
❌ Stop Loss Placement
Stop Loss: Below 1.06786, under the support zone.
This ensures that if the price breaks below the key level, the trade is invalidated.
Market Sentiment & Expected Move
If the price breaks the resistance → Expect a strong bullish move toward TP1 and TP2.
If the price fails to break out → It may consolidate further or retest support.
Watch for increased volume on the breakout to confirm strength.
📌 Final Thoughts
This is a high-probability bullish setup based on a well-formed Triple Bottom Reversal pattern. Traders should monitor price action near the breakout zone and manage risk effectively with proper stop-loss placement.
This is a EUR/USD 1-hour chart showing a classic Triple Bottom Reversal Pattern, a strong bullish reversal signal. The price has tested a key support level multiple times, forming three distinct bottoms, indicating that sellers are losing momentum while buyers are stepping in.
This setup suggests an upcoming breakout, with well-defined entry, take profit, and stop-loss levels to capitalize on the potential upward move.
Technical Breakdown
1. Support & Resistance Zones
Support Zone (Highlighted in Beige)
The price has tested this zone multiple times without breaking below, confirming strong buying interest.
Each time the price touched this level, it rebounded, indicating accumulation by buyers.
Resistance Zone (Highlighted in Beige)
The price previously reversed from this level, making it a key area to watch for a breakout.
A confirmed breakout above this resistance could trigger strong upward momentum.
2. Triple Bottom Formation
A Triple Bottom is a strong bullish reversal pattern. It consists of:
Bottom 1: First rejection from support.
Bottom 2: A retest of support with buyers defending the level.
Bottom 3: The final touch before an upward move, confirming the pattern.
This pattern signals that selling pressure is diminishing and buyers are preparing for a strong breakout.
3. Bullish Reversal & Breakout Zone
A breakout above the neckline resistance (around 1.0843) will confirm the pattern.
Traders should wait for a confirmed candle close above the resistance before entering a long position.
A retest of the breakout zone can provide an additional entry opportunity.
Trade Setup & Key Levels
🔹 Entry Strategy
Aggressive Entry: Enter at the breakout level (above 1.0843) with volume confirmation.
Conservative Entry: Wait for a breakout retest before entering long.
🎯 Take Profit Targets
TP1: 1.08868 (First resistance zone)
TP2: 1.09642 (Major resistance zone, strong price reaction expected)
❌ Stop Loss Placement
Stop Loss: Below 1.06786, under the support zone.
This ensures that if the price breaks below the key level, the trade is invalidated.
Market Sentiment & Expected Move
If the price breaks the resistance → Expect a strong bullish move toward TP1 and TP2.
If the price fails to break out → It may consolidate further or retest support.
Watch for increased volume on the breakout to confirm strength.
📌 Final Thoughts
This is a high-probability bullish setup based on a well-formed Triple Bottom Reversal pattern. Traders should monitor price action near the breakout zone and manage risk effectively with proper stop-loss placement.
💰FREE GOLD signals in Telegram:
t.me/goldmastertradezone
💰FREE GOLD Scalping signals Daily 5-6 Trades in Telegram: t.me/goldmastertradezone
t.me/goldmastertradezone
💰FREE GOLD Scalping signals Daily 5-6 Trades in Telegram: t.me/goldmastertradezone
Related publications
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.
💰FREE GOLD signals in Telegram:
t.me/goldmastertradezone
💰FREE GOLD Scalping signals Daily 5-6 Trades in Telegram: t.me/goldmastertradezone
t.me/goldmastertradezone
💰FREE GOLD Scalping signals Daily 5-6 Trades in Telegram: t.me/goldmastertradezone
Related publications
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.