Triangles and the Current Rectangle Patterns in EURUSD
Thu, Jul 13, 10:31 AM ET, by Corey Rosenbloom
We’re seeing many exciting Triangle Price Patterns develop on the pathway lower for the EURUSD FOREX pair.
After two smaller triangles, a clear sideways rectangle developed with clear boundaries.
Let’s study these triangles and pinpoint the key pivots for future trades:
On the way down from 1.50000 to the 1.0000 level, the EURUSD formed three large Ascending Triangles that gave way to strong bearish breakdown swings in price.
The strongest bearish swing was in 2014 that collapsed the pair from 1.40000 to the 1.0000 low.
From there, a sideways trading range or Rectangle Price Pattern developed off the floor of support to the new pivot – at which price rests now – of 1.4150.
Will we see a swing DOWN away from our resistance pivot level over the next few weeks – or will the Euro strengthen against the recently downtrending US Dollar?
Use this rectangle pattern as your trading strategy plan and play bullishly for a breakout or bearishly on a downward swing within this ongoing sideways rectangle pattern.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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