EURUSD has been stuck in a sideways consolidation. This consolidation appears to be a triangle. Triangles are tricky to trade because they can extend further than expected. My current higher probability view is that we are in the final leg of the triangle. Once the final leg finishes, EURUSD may jump higher to 1.11 and 1.13. 1.11 is near the 61.8% fibonacci retracement of the previous downtrend.
Good luck!
Good luck!
Trade closed: target reached
Target 1 reached. Cannot rule out another bump higher, but this market is at risk of a reversal to the downside.
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.