the EUR/USD remains in a triangle pattern at the moment and is awaiting a clear breakout above resistance or below support. The EUR could also go sideways as the market awaits more information on the EUR interest rate decision on Thursday 12 September.
The EUR/USD is building a bullish ABC (blue) pattern but the main question is whether the wave B (blue) has been completed or not. A bearish bounce and breakout could indicate a deeper wave B which will test the Fibonacci support levels. This remains valid as long as price stays above the bottom (100% Fib). A bullish breakout, however, could indicate an immediate bullish wave C (blue) and move towards the Fibonacci levels of wave 4 vs 3.
The EUR/USD is either building a bearish ABC (red) pattern or a wave 123 (green), which depends on the breakout direction above the resistance (red) or below the support (blue). Price could also go sideways until the European Central Bank announces its interest rate decision for the Euro on Thursday 12 September. A push lower is expected to find support and rebound up again as part of a bullish ABC zigzag wave pattern.
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Good trading, Chris Svorcik
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