Monday, February 22, 2016

Forex pairs build sturdy contracting triangles

EUR/USD4 hourEURUSDThe EUR/USD has been going sideways during the last week and has not been able to break below the 50% Fibonacci level. A break above resistance could see price build a potential breakout. If it fails, then a bigger bearish retracement could commence towards the 61.8% Fibonacci level.1 hourEURUSDThe EUR/USD is showing a consolidation zone on the 1 hour chart.
GBP/USD4 hourGBPUSDThe GBP/USD respected the trend line (green) and made a bullish bounce. Price is now in a contracting triangle with support (green) and resistance (orange) nearby.1 hourGBPUSDThe GBP/USD is showing very choppy price action. The trend lines mark the boundaries of the contracting triangle pattern.
USD/JPY4 hour< a onclick="FXStreet.openwin(this.href, '_blank', 1678, 822, 1, 0, 0, 0);return false;" href="">USDJPYThe USD/JPY bearish price action is moving down lower at a slow angle. A break above resistance (red) could indicate a chance for an ABC (purple) correction. A break below support (green) could price move further down towards the Fibonacci level.1 hourUSDJPYThe USD/JPY has support and resistance trend lines nearby that mark potential boundaries of the triangle pattern.

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