Good day fellow traders,
EUR/USD is in a very special place, we over the last 259 day have made a triangle on the weekly chart an currently sit on the APEX of a breakout favoring a strong dollar. One must wait for confirmation of a break out below the lower level of the triangle. The target for a move would be October 4th, 2023 low.
There is potential for a reversal here, a tag of the upper level of the triangle would confirm this. For those who are unfamiliar with triangle and the trading rules that govern them. Let me make it simple or put it in term of ThePipAssassin!
Triangle Trading Rules are as follows:
1.) Must be contained in a range, that is getting smaller on each leg. (Squeezing)
2.) Must have only 5 touches of Support and Resistance for trend continuation.
3.) 6 touch and/or legs and we are going to breakout in that direction forming a triangle reversal.....