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EURUSD Is Trapped In Consolidation

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Apr 04 2018

On EURUSD we see slow price action for the last two months, a complex pattern which we think it's a corrective one as part of one uptrend.The reason are three legs in first wave down to 1.2155 and then up into March high. We labeled those as waves a) and b) that can belong to a triangle formation. Of-course there are different counts possible at this stage but we think contracting formation can be the best pick, especially if pair breaks above 1.2347 swing as we would then look for a move to the upper side of a range.. If from any reason price will continue towards 1.2155 then flat is also a valid option.






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