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EURUSD's Mini Bullish Channel in Larger Contracting Triangle

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD is building a triangle chart pattern which are clearly marked by the orange resistance and green support trend lines. 1 hour The EUR/USD retraced deeply and fell towards the 78.6% Fibonacci retracement level. A deep pullback is typical for a wave 1-2 scenario, which could be the wave structure for the EURUSD within a wave C (purple). GBP/USD 4 hour The GBP/USD downtrend is accelerating within the wave 5’s (pink/blue) and heading lower towards Fibonacci targets. A

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