The Euro continued to trade in a range on the higher timeframe (daily) against the US Dollar. There is a triangle pattern forming on the daily chart of the EURUSD pair, and there is a chance that the pair might spike one more time higher to test the triangle resistance area. It also looks like a 5-waves structure and we could be in the 4th wave currently.
So, I think the best idea would be to wait for a small correction from the current levels towards the 100 moving average on the 4-hours chart to enter a buy trade.
Technical Analysis
D1– Chart representing the triangle pattern formed on the daily chart.
Entry:
H4– We can wait for a move down towards the highlighted support area near 1.1020-40 to enter a buy trade.
Target 1: 1.1180
Target 2: 1.1240
Stop Loss: Below the last low created before entering into a trade
Video Explanation:
