FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Triple Bottom pattern has been formed on EURJPY M5. It has the following characteristics: resistance level 166.25/166.16; support level 166.09/166.09; the width is 16 points. In the event of a breakdown of the resistance level of 166.25, the price is likely to continue an upward movement at least to 166.25.

The Triple Bottom pattern has been formed on EURCAD M5. It has the following characteristics: resistance level 1.5771/1.5752; support level 1.5748/1.5738; the width is 23 points. In the event of a breakdown of the resistance level of 1.5771, the price is likely to continue an upward movement at least to 1.5757.

The Bearish Flag pattern has been formed on GBPCHF at M5. The lower boundary of the pattern is located at 1.1026/1.1032 while the upper boundary lies at 1.1030/1.1036. The projection of the flagpole is 15 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 1.1026 is broken, the price will move further downwards.

The Bearish pennant pattern has formed on the GBPCHF M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.1026 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Double Bottom pattern has been formed on EURJPY M5; the upper boundary is 166.25; the lower boundary is 166.10. The width of the pattern is 16 points. In case of a break of the upper boundary 166.25, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.