For those following my idea post, you probably know that my bias is to buy on EUR/USD.
The basis for this idea is the already formed leading diagonal.
However, we are currently caught in this long tiring corrective pattern.
And today's price movement may confirm that the corrective pattern is neither a zigzag nor a descending triangle. So far today, I predict it's an expanding triangle, as shown on the chart above.
From the start, what should have been our focus is that the leading diagonal should correct by 50% before continuing the trend.
So, my suggestion is, let's wait for the price to touch the 50% level (1.07911) and observe the reversal pattern that occurs. If confirmed, we can take a buying position there
The basis for this idea is the already formed leading diagonal.
However, we are currently caught in this long tiring corrective pattern.
And today's price movement may confirm that the corrective pattern is neither a zigzag nor a descending triangle. So far today, I predict it's an expanding triangle, as shown on the chart above.
From the start, what should have been our focus is that the leading diagonal should correct by 50% before continuing the trend.
So, my suggestion is, let's wait for the price to touch the 50% level (1.07911) and observe the reversal pattern that occurs. If confirmed, we can take a buying position there