Triangle On EUR/USD Ending; A Drop in View

Published 07/25/2018, 09:53 AM

Hi traders,
The sideways price activity on EUR/USD since end of May suggests that a wave four triangle is unfolding. A triangle is a five-wave contracting or expanding movement within two trend lines, which unfolds prior to the final leg. In our case we are observing a bearish triangle, which can push prices lower once fully finished. At the moment we see price ending wave e) at the 1.175 level, meaning that a new reversal can be near. However, only a drop in impulsive fashion and a break below the 1.1573 level would confirm more weakness.


EUR/USD, 4h

eurusd, 4h

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