EUR/USD: Expanding Triangle, Possible Final Flag
Al Brooks | Sep 22, 2022 10:55AM ET
- The EUR/USD is forming an expanding triangle (blue lines) and is currently setting up a lower low major trend reversal.
- Bulls see the trading range from August 23 to September 20 as a final flag and expect a reversal up to 1.000, which is the midpoint of the trading range.
- Bulls want a strong reversal bar and consecutive strong bull trend bars, which would increase the odds of an upside breakout and test of the September 12 close.
- Bears want to trap the bulls here and get a measuring gap with the breakout below the September 6 close, however, they will probably fail, and the market will reverse back up to the 1.000 big round number.
- Traders will pay attention today to see if the bulls can get a solid reversal bar trapping the bears and making bears decide if they should exit above. Bears want to get another strong bear trend bar today or at least prevent the bulls from getting a bull close.
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