Bearish C - 02 August 2024 - Technical Analysis

EURUSD Forex

Citigroup

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports Citigroup Bearish bias. A break of 62.67 will support the fall towards the target of 58.81 the break of 58.81 would push the price to 56.24.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 69.82
Support S1: 69.67, S2: 69.55 , S3: 69.40
Resistance R1: 69.94 , R2: 70.09 , R3: 70.21

Brokers

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Summary

Instrument :

Citigroup

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

50%

Entry Level :

62.67

Activation Time :

2024-08-01 17:30

Age :

89 Bars

Progress :

100%

Close Time :

2024-08-02 13:30

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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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.