EUR/USD
Hello traders,
As seen in the chart above, a triangle formation is clearly formed on the daily chart keeping the prices sidelined for the time being.
Markets have been affected heavily by the covid-19 and its highly negative economic impact especially for the Euro zone who's been struggling before then.
Technically, a triangle formation is neither bearish nor bullish and the breakout can occur in both directions.
What is known here is once the breakout is there, we can almost project our target by measuring the apex (distance between bottom and top of the triangle) which are 1.064 and 1.114 respectively, a 500 pip move.
So, as soon as the breakout occurs traders can expect a target between 400 and 500 pips.
Personally, given the recent developments in the worldwide economy and the Euro zone specifically, I see a breakout to the downside more probable which might take the pair towards parity. My opinion is also supported by the long term down channel also seen in the chart.
Remember to always use your stop loss wisely and trade safe.
As seen in the chart above, a triangle formation is clearly formed on the daily chart keeping the prices sidelined for the time being.
Markets have been affected heavily by the covid-19 and its highly negative economic impact especially for the Euro zone who's been struggling before then.
Technically, a triangle formation is neither bearish nor bullish and the breakout can occur in both directions.
What is known here is once the breakout is there, we can almost project our target by measuring the apex (distance between bottom and top of the triangle) which are 1.064 and 1.114 respectively, a 500 pip move.
So, as soon as the breakout occurs traders can expect a target between 400 and 500 pips.
Personally, given the recent developments in the worldwide economy and the Euro zone specifically, I see a breakout to the downside more probable which might take the pair towards parity. My opinion is also supported by the long term down channel also seen in the chart.
Remember to always use your stop loss wisely and trade safe.
Ramzi Abou Abdallah, CFTe, CMT
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