EURUSD has remained in a triangle structure since June. The triangle structure is reinforced by two key supports and two key resistances, as seen in the chart.
Scenario 1 (Double Bullish): Price moves to first key resistance, then the second resistance.
Scenario 2 (Double Bearish): Price falls back to first key support, then the second support.
Scenario 3 (Bearish then Bullish): Price falls back to re-test key support, then rebounds.
Scenario 4 (Bullish then bearish): Price touches first key resistance only to fall back to key support.
My opinion: Scenario 3 is the most likely scenario. Firstly due to the fact that the structure is extremely obvious; Thus, encourages the market to speculate. Secondly, the market usually takes it time when in such an obvious structure, as a swift change in the trend indicates a strong psychological change.
Scenario 1 (Double Bullish): Price moves to first key resistance, then the second resistance.
Scenario 2 (Double Bearish): Price falls back to first key support, then the second support.
Scenario 3 (Bearish then Bullish): Price falls back to re-test key support, then rebounds.
Scenario 4 (Bullish then bearish): Price touches first key resistance only to fall back to key support.
My opinion: Scenario 3 is the most likely scenario. Firstly due to the fact that the structure is extremely obvious; Thus, encourages the market to speculate. Secondly, the market usually takes it time when in such an obvious structure, as a swift change in the trend indicates a strong psychological change.