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EUR/USD Prepares for Breakout of Triangle Chart Pattern

February 27, 2018 07:01

EUR/USD

4 hour

The EUR/USD has failed to break below the support trend line (blue), which could indicate a potential bullish reversal to test the previous tops (red line). A break below the previous bottom (green) would make a wave 4 (purple) pattern less likely.

1 hour

The EUR/USD needs to break above the resistance trend line (orange) for a bullish breakout towards the Fib targets of wave 3 (blue). A strong bearish turn at 1.2475-1.25 could indicate that price has built an ABC rather than a 123.

GBP/USD

4 hour

The GBP/USD failed to break above the resistance trend line (red) and remains in a triangle chart pattern. Price will need to break the S&R before a new trend becomes visible.

1 hour

The GBP/USD is broke below the support trend line (dotted green) and could be building a bearish ABC (orange) zigzag within a larger WXY correction (grey) unless price manages to break above resistance (red).

USD/JPY

4 hour

1 hour

The USD/JPY bullish breakout would probably invalidate wave 4 (orange) whereas a bearish break could indicate a downtrend continuation.

Wishing you good trading!

Chris Svorcik

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