Forex Trading Library

EURUSD – Ascending triangle offers a bullish bias

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Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2395. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. The move lower is mixed and volatile common in corrective formations.

Weekly: Completed a bearish Elliott Wave count to the downside (5-waves completing at 1.1216). After posting a bullish Outside Week on the 12th November the pair has continued to consolidate.

Daily: This continued lack of clear direction looks to be forming a bullish ascending triangle pattern on the daily chart. A break of 1.1500 and the measured move target is 1.1775

 

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