? EUR/USD Bounces at 1.12 Resistance of Triangle Pattern ?

2 min read

Hi traders,

the EUR/USD is moving sideways in a corrective triangle chart pattern and is waiting for a clear breakout of the support (blue) or resistance (red) trend lines.

EUR/USD

4 hour

The EUR/USD is expected to make a bearish breakout first as part of a bearish ABC (orange) correction of a larger wave B (blue). Price is then likely to bounce at the 61.8% Fibonacci retracement level of wave B vs A for a larger bullish ABC. A break above the resistance trend lines (red) could, however, indicate an immediate bullish breakout instead.

1 hour 

The EUR/USD made a bearish bounce at the resistance trend line (red) of the triangle chart pattern yesterday. A break below the support trend line (blue) could indicate the end of the wave B (orange) and the start of the wave C (orange).

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Good trading, Chris Svorcik

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