EURUSD is gearing up for a massive move
The EURUSD has just left a 179-day-old triangle pattern. Technically, it broke out on July 16th, but today, we saw the first significant move to the upside. This move is primarily driven by a sharp drop in the dollar-Japanese yen pair, as the Japanese central bank is suspected of intervening in the markets to prop up the yen.
The triangle breakout suggests we push higher by roughly 245 pips, potentially reaching the December high of 1.1140 as long as the price trades above 1.0887. Traders not already long are probably waiting for a corrective move toward 1.0924, offering a slightly better risk-to-reward ratio of 5.87.
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
The triangle breakout suggests we push higher by roughly 245 pips, potentially reaching the December high of 1.1140 as long as the price trades above 1.0887. Traders not already long are probably waiting for a corrective move toward 1.0924, offering a slightly better risk-to-reward ratio of 5.87.
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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