Lingrid | EURUSD Long from SUPPORT level

The price perfectly fulfilled my last idea. After breaking through the downward channel, the market is currently trading sideways. EURUSD has closed above the key level of 1.08500, which is a significant milestone in its price action. By looking at the chart's left side, we can see that the market previously tested the support level, where the price rapidly reversed direction and made a swift downward move. If the price action pulls back to this support level and upward trendline, we can look for potential entry signals. In fact, it's possible that the market may form a triangle pattern, a classic trend continuation pattern. I expect to see a rejection of the support level followed by an upward move, targeting the higher resistance zone. My goal is the resistance at 1.09400

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

As we can see, the market is currently forming a clear triangle pattern, which is a trend continuation pattern. Given the bullish rally we experienced beforehand, it makes sense to anticipate the market moving higher. On the daily timeframe, we see a long-tailed candle that took out liquidity at Thursday's lows. I think this could lead to a test of the support level, with the potential for an upward move if the price rejects the support. In this scenario, I expect a fake breakout candlestick pattern at the support level and upward trendline as buying confirmation. My goal is the resistance at 1.09230

Comment:

The market remains stuck in a sideways pattern, forming a triangle shape. On the daily chart, we see a doji candle, indicating indecision in the market. As we move forward, pay attention to the previous day's high and low levels, as a breakout above or below these points could trigger a trending movement. I think the price may retest the resistance zone at 1.09000 and potentially even reach 1.09300-1.09400. On the 4H timeframe, we've seen double long tailed bars form, which took liquidity below 1.08500 before pushing higher. Given that the main trend is bullish, I expect the price to continue moving upward from the support level, potentially breaking out of the downward channel. My goal is resistance zone 1.08950