EUR/USD -25/10/2022-
• Symmetrical triangle formation
• This pattern is usually a continuation pattern, which means the breakout occurs at the same direction of the preceding move, in this case a break down resulting in lower prices
• Sometimes, triangles can be reversal patterns
• Traders better wait for the breakout to confirm the direction and the validity of the move
• Price target follows the measurement method, which projects the height of the triangle from the breakout point
• The height of the triangle is 600 pips
• If the breakout occurs to the downside, target would be around 0.90
• This pattern is usually a continuation pattern, which means the breakout occurs at the same direction of the preceding move, in this case a break down resulting in lower prices
• Sometimes, triangles can be reversal patterns
• Traders better wait for the breakout to confirm the direction and the validity of the move
• Price target follows the measurement method, which projects the height of the triangle from the breakout point
• The height of the triangle is 600 pips
• If the breakout occurs to the downside, target would be around 0.90
Ramzi Abou Abdallah, CFTe, CMT
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