Thursday, October 11, 2012

EURUSD H1 Triangle

EURUSD price action is forming a triangle on H1 chart. 

US Dollar was weak across the board after Australian job data beat expectation. The numbers were really good. It sparked a risk-on rally. EURUSD H1 Triangle
EURUSD H1 Triangle Flag
Currently, a triangle setup is forming on EURUSD H1 chart. Price bounced right from 200MA. This area is also the lower trendline of triangle. Overall this looks like a flag pattern. 

I am expecting it to break to upside. I plan to open long position near to lower trendline. Stop loss will be on a daily break and close of lower trendline and Moving average.

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