EUR/USD is about to Breakout of Symmetrical Triangle
Excited to see open. News aside, on the lower timeframes it looked as if the Euro broke upward but lost steam at the previous close.
The 50-day ema/SMA and 200-day moving averages are up above the triangle pattern and the higher resistance (daily and weekly up toward over 1.11 to 1.142 range. Look at previous downtrend line on weekly along with the Weekly 200 day averages. Both daily and weekly averages coincide with fib retrace levels long term. So a lot to go through up above and not much support is left beyond the bottom triangle support line and previous lows 1.0636 area.
On the Daily, it's still within the triangle. I expect a lot of volatility in the day ahead. Play the break and watch your levels. Happy trading
The 50-day ema/SMA and 200-day moving averages are up above the triangle pattern and the higher resistance (daily and weekly up toward over 1.11 to 1.142 range. Look at previous downtrend line on weekly along with the Weekly 200 day averages. Both daily and weekly averages coincide with fib retrace levels long term. So a lot to go through up above and not much support is left beyond the bottom triangle support line and previous lows 1.0636 area.
On the Daily, it's still within the triangle. I expect a lot of volatility in the day ahead. Play the break and watch your levels. Happy trading