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Contracting triangles on USD: a pause before breakouts?

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD 4 hour The EUR/USD continued its bullish breakout to higher levels as part of an impulsive wave C (green). The resistance levels (red) and Fibonacci targets could be points on the chart where price could reverse. 1 hour The EUR/USD seems to be in the 4th wave (orange) of wave C (green). Price does show divergence (purple line) but price has gone sideways and has built a triangle formation. This increases the probability of a wave 4 (orange) correction taking place. GBP/USD 4 hour The

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