Trade77; EURUSD Is Still In The Triangle 7pm

Single currency is still in the triangle I’ve mentioned almost a week ago and I’m looking for a possible bounce around 1.3300 to go short or maybe a breakout to the upside from there.

1.3300 is now the upper bond of the symmetrical triangle and also 200sma, so it’s an important level to watch.
Price is almost near at the apex of the triangle indicating a possible breakout is close. Last upside move in this pair is showing this breakout might be to the north but I don’t want to predict the market, so I will wait for a breakout to the upside or a possible bounce off the upper bond and then a breakout to the downside.
If I saw a bearish H4 candle which was rejected from 1.3300 then I will be a seller at that point and will hold my position until it reaches the beneath bond and will go short after a breakout to the downside.

 

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Comment by Henry Jorlando on January 3, 2011 at 10:49am
Yes it has break out and coming back which according to me it is coming back to retest the upper trend-line that now has become possible support. I will wait further for price to give me indication of possible upward continuation... If this long is initiated, my first target will be at previous swing high at 1.34987
Comment by Sunil Gupta on January 2, 2011 at 5:17pm
Now it has given breakout, what will be the target according 2 u?

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