EurUsd- Triangle's break to give us direction

18 Okt 2022

Since the 0.95 low two weeks ago, Euro bears seem to have lost power, and, after an initial reversal of 500 pips signaled by a Morning Start candle formation, bears couldn't take control again for a new low and the pair stopped its descent at 0.96 zone.
Yesterday we have a strong green day and a close above 0.98 and, at this point 0.96 can be a confirmed higher low.
Since mid-September EurUsd is drawing a symmetric triangle on our chart and the break could give us direction for the next few weeks into the end of the year.
A break above 0.99 could lead to a long waited real correction for the pair with a target in 1.03-1.04 zone resistance and, on the other hand, a break back under 0.97 could lead to a new low.