- Analytics
- News and Tools
- Market News
- EUR/USD: Large Triangle Still In Place: Make Or Break Levels - Goldman Sachs
EUR/USD: Large Triangle Still In Place: Make Or Break Levels - Goldman Sachs
"The base case scenario remains for EURUSD to eventually continue its long-term trend. As has been discussed in the past, the currency has formed a triangle like consolidation since the Mar. '15 low. This is now getting closer to looking like a complete ABCDE.
Once complete, the market should in theory resume its underlying trend (i.e. commence wave V). This would mean eventually breaking through the base of the triangle (1.0588) and back down towards the Mar. '15 low (1.0458), if not significantly lower.
All of this is contingent on 1) the market holding below triangle resistance which is currently at 1.1576 and 2) wave E ending somewhere beneath the top of wave C which is up at 1.1616.
In other words, any break beyond 1.1576-1.1616 will seriously call into question the nature of this setup. Doing so would imply potential to have already put in a meaningful base.
View: Cautious above 1.1398-1.1427 (highs from June). Any move past 1.1576-1.1616 warns that a more meaningful low could already be in place".
Copyright © 2016 Goldman Sachs, eFXnews™
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
