Intra day Triangle in Eurusd ~ forex trading reviews uk
On 31st may, there was an analysis here titled Two Face Of Eurusd and I wrote about the two possible near term scenario.
I though, maintained a bullish bias but with a condition. The bullish set up was satisfied and price rallied, just as expected. I posted an update before that. Read HERE.
To end that post, I wrote
"Its expected to be impulsive, but a deep correction could emerge in double or triple zigzag correction which would force us to note that there could still be some move downside despite the general belief that Eurusd has bottomed on the long term"
With the pattern forming now, as shown in the diagram below, the recent bullish move is counting toward a double zig zag correction.
There has been some economic news surrounding this pair of late. many investors are on the sideline and price went into a congestion ( a triangle correction).
Price broke out of the triangle with a minimal momentum and further momentum is expected for Eurusd to rally to 1.175... psychological level where the correction could finally end for the resumption of the long term bearsih movement.
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