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.

Need more analysis of EURUSD?  Sign up for the Forex package and get analysis of EURUSD as well as 8 other pairs. Use this discount code 959815683A to get 50% off your 1st month.

Dont forget to apply the discount code before you checkout to get your discount.