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EUR/USD Builds Triangle Pattern at 38.2% Fibonacci Level

June 12, 2018 11:25

EUR/USD

4 hour

EURUSD - 4 hour - 12.06.2018

The EUR/USD bounced at the 38.2% Fibonacci retracement level of wave 4 (pink) and is now testing key support trend lines (blue). A bearish breakout could indicate the restart the downtrend whereas a bullish bounce could see price develop an expanded WXY (purple) correction as shown in the image.

1 hour

EURUSD - 1 hour - 12.06.2018

EUR/USD is building multiple ABC zigzags at the moment and is awaiting a bullish or bearish breakout. The trend lines are indicating a triangle chart pattern.

Chris Svorcik

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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.