EUR/USD Triangle
After hitting our first TP on Friday (1.126) the pair is back trading inside the triangle after it it has recovered from the bearish breakout which didn't last long and therefore lost its significance. The main reasons behind this large recovery are :
1- Markets expecting the Fed to deliver a dovish statement on its last meeting in 2018.
2- EU and Italy reaching a deal on the country's budget.
The triangle's range is becoming narrow and I expect a breakout after the Fed.. Any signal of a delay in 2019 rate hikes can send EUR/USD to 1.1445,1.147 and 1.15 in extension.
1- Markets expecting the Fed to deliver a dovish statement on its last meeting in 2018.
2- EU and Italy reaching a deal on the country's budget.
The triangle's range is becoming narrow and I expect a breakout after the Fed.. Any signal of a delay in 2019 rate hikes can send EUR/USD to 1.1445,1.147 and 1.15 in extension.
Ramzi Abou Abdallah, CFTe, CMT
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