Tuesday, July 31, 2018
Symmetrical triangle on the EUR/USD
The
EUR/USD on the daily chart has been consolidating and inside such
consolidation, a symmetrical triangle has formed. The symmetrical triangle
could act as a continuation patter, but the price may breakout in any direction,
really. The range inside the triangle starts to shrink and that causes the
pressure to accumulate until the price breaks out in any given direction. To
the upside, the price of the EUR/USD may find some resistance at the 200 day
EMA, around the 1.1868 level. Above the 200 day EMA, its next resistance could
be the 1.2000 level. To the downside, the 1.1500 level may act as support, but
in case of a breakdown, the EUR/USD may find another support at the 1.1400
level.
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Excellent observation and thank you for sharing!
ReplyDeleteWell spotted! I'll keep it in mind.
ReplyDeleteExcellent assessment as always.
ReplyDeleteVery good article, thank you for sharing!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDelete