EUR/USD Builds Triangle Pattern At 38.2% Fibonacci Level

Forex Trader, Analyst, Educator • Jun 12, 2018 at 7:19 AM EDT

EUR/USD is building multiple ABC zigzags at the moment and is awaiting a bullish or bearish breakout.

EUR/USD

4 hour

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EURUSD - 4 hour - 12.06.2018

The EUR/USD bounced at the 38.2% Fibonacci retracement level of wave 4 (pink) and is now testing key support trend lines (blue). A bearish breakout could indicate the restart the downtrend whereas a bullish bounce could see price develop an expanded WXY (purple) correction as shown in the image.

1 hour

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EURUSD - 1 hour - 12.06.2018

EUR/USD is building multiple ABC zigzags at the moment and is awaiting a bullish or bearish breakout. The trend lines are indicating a triangle chart pattern.

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