Triangle formation being observed in the EURUSD daily and 4 hour charts.
EURUSD is rebounding from weekly channel resistance.
In daily chart 5 waves in the upward trend can be identified with divergence being observed in wave 3 & 5. This could mean a retracement or correction coming up.
Wait for the triangle support or resistance to break and the prices confirming the trend after the breakout.
If the price breaks the triangle support then Short Entry:
- Entry Price: 1.23
- SL: 1.246
- TP1: 1.22
- TP2: 1.217
-TP3: 1.21
If the price breaks the triangle resistance then Long Entry:
- Entry price: 1.26
- SL: 1.238
- TP1: 1.269
- TP2: 1.28
-TP3: 1.295
EURUSD is rebounding from weekly channel resistance.
In daily chart 5 waves in the upward trend can be identified with divergence being observed in wave 3 & 5. This could mean a retracement or correction coming up.
Wait for the triangle support or resistance to break and the prices confirming the trend after the breakout.
If the price breaks the triangle support then Short Entry:
- Entry Price: 1.23
- SL: 1.246
- TP1: 1.22
- TP2: 1.217
-TP3: 1.21
If the price breaks the triangle resistance then Long Entry:
- Entry price: 1.26
- SL: 1.238
- TP1: 1.269
- TP2: 1.28
-TP3: 1.295