? EUR/USD Builds Triangle Chart Pattern at 1.1750 Support ?

Hi traders,

The EUR/USD failed to break the bottom yesterday. Price action is now building a larger triangle chart pattern and the next move will depend on the breakout direction.

EUR/USD

4 hour

A bullish bounce could indicate the start of a wave 4 (purple) correction whereas a bearish breakout could see an expansion of the wave 3 (purple) momentum towards the Fibonacci targets of wave 5. For the moment a wave 4 seems to be more likely.

Get Free Month of ecs.LIVE

Open Account with Markets.com via ECS.

Learn How to Apply

1 hour

The EUR/USD is building a triangle chart pattern. A break above the resistance (red) could see a bullish breakout take price up to the Fibs of wave 4 whereas a break below the support (blue) could see price test the Fib target of wave 3.

Good trading,

Chris Svorcik
Elite CurrenSea
.