Guest Commentary: MarketVisionTV.com - Will you be SHAFTED by the Euro Today?
The Euro continues to beg the consolidation top versus trend continuation question.. by remaining within the 1.3025-1.3235 range. But it has also provided half the answer..as the consolidation has developed all the characteristics of a classic triangle. Five 3 legged moves pretty much with classic relationships to each other 61.8%.. all demonstrating the same shift or shaft in sentiment (SHAFT Triangle -> Surprise Hope Anger Frustration and Tedium). All suggesting that the triangle has ended at 1.3115 and that the Euro is poised to spike higher through 1.3120-35 to..where? Two triangle objectives firstly the distance of A 195 point from E is 1.3310 and 50% from 1.3235 projects 1.3335. As this fades the 1.34 region then we should a classic triangle thrust reversal back to the apex of 1.3115. But triangles sometimes reverse trend.. a loss of 1.3025 would equally SHAFT the market to 1.2930.
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By Ed Matts, MarketVisionTV.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.