With the FOMC out later, the EURUSD is poised to potentially breakout to the upside as it looks like its coiling up for a “thrust” from a triangle. For Elliotticans, thats actually useful information as triangles are generally seen in a 4th wave position of an impulse wave. So the favored idea is a spike to new highs above 10950 for a 5th wave, followed by a strong move back below 10900 to suggest 5 waves are completed from 10568.
If the preferred idea from the Jan 2017 lows is still valid, then any new high towards 10960-11050 could well be an important high and setup for a major reversal back under 10568.
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