EURUSD Will the bearish or the bullish pattern prevail?

5. Aug.

The EURUSD pair broke today above the top (Lower Highs trend-line) of the Triangle pattern that started on the July 17 2023 high. The more shorter term pattern has been a Channel Up (blue) since the April 15 2024 Low and today's break-out, has tested its top.

Those are two conflicting trends, so the key here is to observe the 1W candle closing and then take action. A closing above the Lower Highs of the Triangle, confirms that there is a new pattern in play, a (dotted) Channel Up similar to the uptrend of October - December 2023. In that case, we will buy on the weekly close and target 1.11400 (Resistance 2).

If on the other hand the 1W candle closes back below the Lower Highs (thus still inside the blue Channel Up), we will remain bearish, aiming for a new Bearish Leg that will test again (3rd time) the 1W MA100 (green trend-line). In that case our Target will be modified to 1.075000.

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