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Possible triangular formation

Possible triangular formation | 08 March 2017

08 March 2017, EUR/USD

Possible triangular formation

Wave Analysis:

Despite the bullish engulfing candle seen opening around 1.05597 on March The 3rd at 20:00, Euro retraced a bit lower than expected and is currently rallying around the opening of this bullish engulfing candle. The current chart set up and structure is a possible triangular formation; with the level 1.05597 being the base and the trend line being the hypotenuse, we're waiting for a clear break out of this triangle to go short or long depending on the direction on breakout. A break below 1.05597 will mean we're continuing short with an ideal target at 1.0511 while a clear rebound above 1.05622 will culminate into a possible bullish price movements towards 1.063 and possible higher. Expect an exact opposite price action in USDCHF and USDJPY.

Trade Recommendations:

Only go short upon a clear break below 1.05597 to go short with an ideal target at 1.05148. A clear rebound above 1.05622 will call for long positions with an ideal target at 1.06805

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Bob Stan
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