EURUSD is coming into the triangle. Below lower triangle's line market has a possibility to drop as low as 1.1742. That would be target No. 2. But on the way bears will meet some resistance at the target No. 1 at 1.2288. Unless EURUSD will pick itself up soon, negative market will dominate. And it could be for a long time.
Comments
tradersvision
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..with due respect but I think this triangle seems to be an exotic idea from a classical technical analysis point of view....right now this is a W-Formation with a, let's call it a double top and a bouble bottom'...also symmetry of this W-formation in almost perfect....before I would see it as a triangle I would expect a trading range with a clear defined range by the last tops and last bottoms...Yes, if this range breaks we have the same range of pips on the way down...about 300 down if we price decides to move into a lower range of the same type...
artaj68
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Thank you. Love your comments. And just for the discussion sake, not trying to prove my point, I would like to say this (I hope you do not mind):
Triangle from classical technical analysis most likely is exotic idea, but this is a way how I see it ( I have developed my own method to analyse the market, based on classical technical analysis, but different). W-Formation perfectly fits and now, as you pointed, it looks even better!. But double top or double bottom is not on the screen (at least yet) as classical technical analysis suggest, I would not call it double bottom or top. Reason is, there was not any break yet, if we call it double top; and double bottom in the middle of the trend going up, does not really count by the classical technical analysis (as I know it according book by John MaGee & Robert D. Edwards).
Please tell me if I am wrong, I do believe you have better experience. I am open to learn.
I hope I have explained myself clear, as English is not my tongue language.
tradersvision
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No, I wouldn´t dare to say you are wrong - who am I to say this - but like I mentioned in my first comment (let's call this a double bottom and double top) we 'could' see it this way as we have a daily timeframe. Yes, I agree it is not a double bottom in the sense that we had a big downtrend or so but for the range here we 'could' see it this way...besides all that it makes sense as they are on the same level.....maybe for the sake of another view please see my last published idea: ! W-Formation and a wide range ! from today...your english is good and by the way it is not my mother tongue either...I appreciate your ideas as the always point me in a good direction even if I do not always agree with your formation....BUT there is a saying and I think this fits very well for the trading arena:
When everyone thinks alike, everyone is likely to be wrong....cheers...let´s keep it up...
artaj68
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Sorry if I made impression what you are saying I am wrong....I just trying to express myself :)
Let's keep it up... I am enjoying your comments.