Expanding
FX CHART OF THE DAY: EURUSD BREAKOUT TRADEEURUSD breaks out of 1st standard deviation from weekly (120-h) mean after failing to reach the mean itself.
Expanding volatility (measured by 3.2 st deviations from weekly mean) hints at a possible leg of uptrend from here on.
Traders an take long positions close to the upper 1st standard deviation (1.1205) and stop at the weekly mean (1.1165)
No significant news event are incoming through the rest of the week, so unexpected volatility risks are small
Expanding Diagonal in wave 2Now might be the perfect time to buy to enter right before the strong bullish wave 3. It looks like wave 2 has developed into an expanding diagonal. Here is a zoomed out version of where we are on the longer term:
Here is an example of an expanding diagonal: www.wavetrack.com