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    EUR/USD: triangle forming on support level

       
    EUR/USD has fallen to strong support from a trend-line and the S1 Monthly Pivot in the 1.0870s.
    It has formed a small symmetrical triangle on this nexus of lines and could break in either direction.

    A move above the 1.0906 highs would probably indicate a break higher to a minimum expectation of 1.0945, the 61.8% extrapolation of the height of the pattern.

    Alternatively a break below the 1.0869 lows would probably indicate a move down to a similar target at 1.0827.

    There is a bias to the downside because that was the direction of the trend before the triangle formed.

    In addition next week will probably be bearish.
    EURUSD17final

       
    EUR/USD has fallen to strong support from a trend-line and the S1 Monthly Pivot in the 1.0870s.
    It has formed a small symmetrical triangle on this nexus of lines and could break in either direction.

    A move above the 1.0906 highs would probably indicate a break higher to a minimum expectation of 1.0945, the 61.8% extrapolation of the height of the pattern.

    Alternatively a break below the 1.0869 lows would probably indicate a move down to a similar target at 1.0827.

    There is a bias to the downside because that was the direction of the trend before the triangle formed.

    In addition next week will probably be bearish.
    EURUSD17final


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