Bearish EURUSD - 02 August 2024 - Technical Analysis

EURUSD Forex

EURUSD

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports EURUSD Bearish bias. A break of 1.07840 will support the fall towards the target of 1.07120 the break of 1.07120 would push the price to 1.06640.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.15176
Support S1: 1.15153, S2: 1.15136 , S3: 1.15113
Resistance R1: 1.15193 , R2: 1.15216 , R3: 1.15233

Brokers

Open account

Summary

Instrument :

EURUSD

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

47%

Entry Level :

1.07840

Activation Time :

2024-08-01 09:00

Age :

277 Bars

Progress :

Close Time :

2024-08-02 09:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.