EURUSD has been stuck in a sideways consolidation. This consolidation appears to be a triangle. Triangles are tricky to trade because they can extend further than expected. My current higher probability view is that we are in the final leg of the triangle. Once the final leg finishes, EURUSD may jump higher to 1.11 and 1.13. 1.11 is near the 61.8% fibonacci retracement of the previous downtrend.
Trade closed: target reached:
Target 1 reached. Cannot rule out another bump higher, but this market is at risk of a reversal to the downside.