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EUR/USD 4 Hours Bearish Triangle Sell Setup

Monday, October 3, 2016 14:17
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(Before It's News)

eur-usd-4hTrend is bearish in EUR/USD currency pair, 4 hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to complete bearish running triangle pattern which is part of a larger version of a bearish Double Zig Zag Elliott Wave pattern and traders should look for a short trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.1327 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in EUR/USD is now going to drop more towards 1.1065 price level to print a bearish corrective Elliott wave pattern, in coming trading days.

Currently; Bearish Running Triangle Pattern looks complete and price action offers a possible Sell trade setup to join the down trend. However; if price of EUR/USD currency pair breaks above 1.1327 critical resistance level then I might like to stay out of the market and re-examine the four hour chart of EUR/USD currency pair.

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