EURUSD Triangle Breakout and a new trend

The speculative positions in the futures market are still net long the EURO.

Intraday Levels:

The pair is trading at 1.16800 as of writing, testing the EMA 50 support and BB Median Line.

On the upside 1.16900, 1.17200 and 1.17500 are the key levels. If the pair makes a clear breakout above 1.17500, it will test 1.18500 major resistance.

On the downside 1.16570, 1.16270 and 1.1600 are level to watch.

On the bigger picture.

EURO bulls think that EURUSD is consolidating for a bullish breakout. This is possible but the charts are telling us a different story.

EURUSD is forming a triangle pattern after April – May bearish move. And mostly, this picture appears as a continuation pattern. A break below the triangle pattern will be the indicator of the new trend. The target of the formation is somewhere around 1.12000.

We will focus on the direction of the breakout while keeping our short positions.

Comment:

New Bearish Trend?
we need to see mentioned breakouts

Comment:

1.16100 will be tested

Comment:

Wedge broken... If EURUSD ends the week below 1.15900, we will focus on 1.15100. Breakout of 1.15100 will lead the price 1.12000 midterm. An updated forecast will be published.

Comment:

Today we will have the new direction of the pair. Time's come.