EURUSD Triangle & Fib Strategie Summary and Prediction #20220310
EURUSD
The ex ante risk appetite caused by the ECB speech and the monthly rate led to a further short retreat, which resulted in the EURUSD exchange rate surging straight above 1.1100 and reaching a high of 1.1120 before quickly falling back below 1.1100 prior to the ECB speech.
Short position at 1.1118 was triggered and the target TP at 1.1060 was triggered with 58 pips profit as well.
The EURUSD continued to come under pressure, falling to the pre-speech level of 1.1030 after further neutral and delayed statements of unclear significance from Lagarde.
Keep an eye on the following risk points during the day as my chart shows:
- 1.0980: H2 stable top
- 1.0600: H1 Fib
- 1.0470: H1 Fib
- 1.0250: H1 Fib, H2 and D1 support
If the converging triangle in the chart confirms a valid break of around 50 pips on the H1 and H2 charts, the EURUSD is presumed to be under further pressure to the 1.0900 level next week.