FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
11,543,516Confirmed
536,344Deaths
6,526,707Recovered
Fetching Location Data…
Advertisement
Advertisement
Chris Svorcik
EUR/USD

Dear traders, the EUR/JPY is building a triangle pattern in a large uptrend. Price was able to break above the Wizz 7 target. This indicates that an uptrend continuation is likely.

1 hour chart

The EUR/JPY uptrend is clear when reviewing the moving averages (MAs): all of them are bullish aligned. Price has used the 21 ema zone (high & low) several times as a bouncing spot. The current triangle pattern could indicate another continuation. The wave count also suggests a potential wave 4 and wave 5 continuation (purple).

The main obstacle is the 120 round resistance level. Price will need to break that zone before a continuation towards Wizz 8 at 121 becomes feasible. The 176.4% Fib target at 120.25 could also cause a small pullback. A failure to break 120 could also indicate a larger pullback. But price remains in an uptrend as long as price stays above support (green box). A break below it invalidates the uptrend (red x).

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

 

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk