Triangle on EUR/USD

Triangle on EUR/USD

During the last sessions, a correction of the EUR/USD currency pair has been observed after a significant rally from the beginning of this month. The technical pattern indicates a continuation of the corrective movement. At the moment, a classical figure of the technical analysis, Triangle, was formed, which quite often acts as a continuation of the current trend (M30 timeframe). The price is testing the local support of 1.23400. We recommend you to pay attention to this situation.

If the price fixes below 1.23400, you need to look for entry points to the market to open short positions. The immediate goal of profit taking is a round level of 1.23000. In the medium term, the EUR/USD currency pair may reach the level of 1.22600-1.22250. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.01.30

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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