EURUSD: Triangle Within A Bullish Trend (Elliott Wave)

EURUSD: Triangle Within A Bullish Trend (Elliott Wave)

Markets are slow and choppy for some time now, and with low liquidity (due to the closure of the US equity market) we think that EURUSD will not break out of this range so soon. But when it will, this will most likely be to the upside, if we consider that pair has turned bullish this summer.

EUR USD Elliott Wave Analysis October 30 2012
EUR USD Elliott Wave Analysis – Click to enlarge

On the chart below we can see that pair found support a few sessions back around 1.2880, at the trend-line connected from 1.2800 swing from late September.   Notice that today’s rise is quite sharp on the intra-day basis which has also extended through the falling channel line.

We think that this is very important, because if the price will close above resistance today, then the trend would turn into a temporary bullish mode.   Why temporary? Because we are tracking a triangle and in such case any rally up to 1.3100 will represent wave D), still only the fourth leg of a triangle pattern. However, we need five of them, so our special focus should be on wave E) low once gets underway. Nevertheless, there is still plenty of time until then, so we must be patient, and wait on more price data before we may even consider opportunities to the upside.

To hear and learn more about triangles, please review the video below.

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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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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!