Euro & Cable Breaking Soon?

29 Jan - EURUSD Daily Forex charts

(Click on image for larger view)

Hi All,

Just a quick update, since the start of the new year, the market has been moving sideways for awhile. Interestingly, this is pretty obvious on the EURUSD and GBPUSD dual. As shown above, the EURUSD looks like it is forming an ascending triangle. As mentioned on 19th Jan (see article), price is currently also testing the downward trend line.

29 Jan - GBPUSD Daily Forex Charts

(Click on image for larger view)

The Cable is also showing a consolidation pattern though it’s a wedge rather than a triangle. As mentioned over the weekend (see article), the resistance zone stills hold.

With that, I will trade with caution while I wait to catch to run but only when it starts to run.

Thank you for reading and happy trading week!!

 

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