by Johan Kriek (jkriek@fxinstructor.com)

Hi there fellow traders!

Below follows my latest view on the EUR/USD:

After all the Head and Shoulders, wedges and all sorts of patterns we have been seeing lately, a DESCENDING TRIANGLE might be at hand here. Look at the charts below:

and..

Now, if the 1st and 2nd supports are violated and confirmed, the target for this possible downmove would be 1.3260

For more info on Descending Triangles, have a look below:

Well, once again, these are patterns and only indicate the direction of highest probability. I would only act when a breakout is truly confirmed but I must say I like what I see here

If you have any questions, pop me an email or come and say hi in the Live Trading Room

Enjoy your trading day

Johan Kriek