? EUR/USD Triangle Pattern after Bearish ABC Zigzag ?
July 19, 2018
2 min read
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Hi traders,
The EUR/USD made a bullish bounce at the support trend line and triangle chart pattern, which is a key decision zone for a bull reversal or bear breakout.
EUR/USD
4 hour
The wave patterns indicated in the image are expecting a bullish bounce as part of a WXY (pink) correction. A bearish breakout could still be part of an expanded wave X (pink) unless price shows strong bearish momentum, which could indicate a bearish breakout and trend.
1 hour
As an exception, the EUR/USD 1 hour chart offers two scenarios where both a bearish and bullish ABC pattern could be taking place. The breakout direction could indicate which ABC pattern might prevail although traders need to watch out for false breakouts as well.
Good trading,
Chris Svorcik
Elite CurrenSea
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