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EURUSD Still In A Triangle

EURUSD has turned up last week after declining down to 1.0830 level since mid of February. Pair closed at 1.1000 on Friday, which suggests that EURUSD found a temporary swing low and that wave D-circled is finished. If that is the case then we can expect more sideways price action to the upside as we will look for a three wave rise in wave E-circled that can retrace even back to the upper trendline before real weakness comes in play, for wave V down.

EURUSD, Daily

EURUSD Daily Elliott Wave Chart

On the lower time frame, EURUSD is turning to the upside after it broke out of a downward channel which is an important indication of a completed decline from 1.1377 high that we labeled it as wave D. Notice that bounce from recent low is quite strong, so we would not be surprised if price will continue higher in days ahead into wave E, final leg of a big triangle which can reach even 1.1100-1.1200 area where we would expect a new but very important bearish turn sometime this month.

EURUSD, 4H

EURUSD 4-Hour Elliott Wave Chart

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.

A Basic Triangle Pattern :

Idealized Basic Triangle Pattern

 


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