EURUSD: Is running out of Triangle space and will soon break out

6 Jul 2023

EURUSD is trading inside a Descending Triangle with the 4H MA50 rejecting lately every bullish break out attempt and the 4H MA200 acting as Support. Natually the 4H technicals are neutral (RSI = 43.233, MACD = -0.001, ADX = 36.327) but so are those on 1D. Fundamentally the market is waiting for Friday's Nonfarm Payrolls before it makes a move but even technically, the pair is running out of room inside the pattern.

If the 4H candle closes over the 4H MA50, it will be a bullish break out and we will buy targeting the R2 (TP = 1.10500). If it closes under the 4H MA200 and HL trendline of June, we will sell and target the S2 (TP = 1.07335).

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