Good day traders! Today’s focus is on EUR/USD and its ongoin triangle development.
EUR/USD is turning higher today and give us even more evidence that pair is making a triangle in the fourth wave. We see wave d now in play up to around 1.200-1.2040 level from where we should be aware of another but final leg within a black wave 4, sub wave e, before market breaks up towards the 1.2150 region.
Triangles are overlapping five wave affairs that subpide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.
Basic Triangle Pattern
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