4 May 2015
EURUSD has broken higher from its triangle - Goldman Sachs
FXStreet (Bali) - EURUSD has broken higher from its triangle, notes the FX Analysis Team at Goldman Sachs.
Key Quotes
"EURUSD has gone past 1.10-1.1050 resitance, which held the top of the March/April triangle formation"
"It is now clear that the analogy of a triangle wave 4 is no longer valid. The possibility that it’s already completed 5waves from the May high is something to seriously consider."
"If this is true, it should already have started a corrective process which, as often discussed, translates to a period of messy/counter-trend price action."
Key Quotes
"EURUSD has gone past 1.10-1.1050 resitance, which held the top of the March/April triangle formation"
"It is now clear that the analogy of a triangle wave 4 is no longer valid. The possibility that it’s already completed 5waves from the May high is something to seriously consider."
"If this is true, it should already have started a corrective process which, as often discussed, translates to a period of messy/counter-trend price action."