the daily chartist

EUR/USD still inside the triangle

published 3 years ago

 Yesterday I have mentioned that for me pair is making a Bullish triangle, but fundamentals have shifted after Powell's comments. USD gains strength now the Euro is pressured down from the top from 1.16640 and it is making another leg towards the bottom triangle line. As Bears take control now on the price, the triangle's direction will shift as well, but on a successful breach on the line and a test. If the triangle turns Bearish, we are talking about a target here towards 1.13100. In this situation just wait out for a break on any of the directions and place appropriate orders with relevant SLs to protect your position.