EUR/USD falling wedge setup as a backup action [Video]

Ming Jong Tey Independent Analyst

In the H4 timeframe, EUR/USD broke out from the falling wedge pattern and currently testing the supply zone at 1.168. It could potentially rally higher to test the resistance near 1.175 as a backup action before a impulsive down swing. The detail explanation for the falling wedge long setup based on the reversal and the breakout strategy are outlined in the video below (timestamp starts: 12:08) using S&P 500 futures as a case study:

Below are the key parameters for EUR/USD potential long setup for trading session on 29 Sep 2020, with a potential reward to risk ratio of 1.

Entry: long stop order at 1.169

Stop loss: 1.163

Take profit: 1.175

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

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