EURUSD: Bullish Triangle About To Close

Ville Vainio

Up and down goes EURUSD and not giving a clear signal on the trend direction. Price action is looking corrective and EURUSD has not yet confirmed on the downside that the larger wave down has started. Friday’s NFP release sent EURUSD just over 100 pips down from the day’s high, which the market rapidly took back. The figures were slightly below expectations and in my opinion does not give much clarity on rate hike situation. The wave count is also a bit unclear but i am still in favour of the triangle and according to my charts we are approaching the end of the last leg of this triangle. When this part of the large correction has been completed, EURUSD should embark on multi week uptrend towards new mid term highs.

EURUSD Daily Chart