EURUSD is nearing the completion of wave-(e) of a possible contracting triangle that could mark the end of wave-(2) before the three-of-C breakout. Entry at AB=CD inside of wave-(e) is confluent with the completion of a bullish cypher and may act as a catalyst for the bullish impulse. Long term target is placed at A=C. It is possible that another rebound off of the top of the triangle could occur, but we would avoid our SL as price would remain inside of the contracting triangle and the breakout would likely occur soon after.
Note
First bullish entry:
Trade active
Trade closed: stop reached
ECB announcement calls for a recount
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.