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EUR/USD Triangle Thrust and Reversal Trade Opportunity

EUR/USD Triangle Thrust and Reversal Trade Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Triangle Thrust and Reversal Trade Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-I wrote Tuesday that “EURUSD action in recent days may compose a triangle pattern. Triangles sometimes form before a final ‘blow-off’. In this case, a triangle measurement is 1.3915 (if price holds above 1.3708), which is in line with the long term trendline (see next sentence).” The triangle played out although the ‘thrust’ was especially weak. Price didn’t even break to a YTD high. Perhaps the weak ‘thrust’ suggests an especially vulnerable market.

-An outside day reversal unfolded (price actually engulfs the prior 7 days).

-Recent support is now resistance from 1.3720 to about 1.3755.

Trading Strategy: Order to short 1.3720, stop 1.3815, target 1.3420

LEVELS: 1.3525 1.36211.3660 | 1.3757 1.3830 1.3915

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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