Home EURUSD : Triangle Seems Completed, More Upside Could Follow
EUR/USD Daily

EURUSD : Triangle Seems Completed, More Upside Could Follow

Hello traders. Hope you had a nice weekend. Overnight news from China manufacturing PMI was not so bad. Came down a few decimal points from the expected, which is good news for markets. Later on we have the Core Personal Consumption Expenditure and the ISM Manufacturing in the US as the main events. Indices are up during the night and morning. We still see a possibility that EURUSD moves upward. The fall from Friday is now recovering and the question is will it last long to prove the current outlook. Lower invalidation levels are closer than the upward ones but we will keep our bullish outlook for now. Under this count, the triangle should be completed and we would go higher.

EURUSD, 1H

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A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.

A Triangle formation pattern :

index

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!