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EUR/USD – Bearish triangle in 4 hours chart
Thursday, August 6, 2015 10:18
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Trend is bearish in 4 hours chart of EUR/USD currency pair. Important resistance is present at 1.1128 price level. Based on bearish Elliott wave count, expect price to rise to complete bullish wave 3 and then drop. I would be probably looking for short trades, as long as trend remains bearish and price stays below 1.1128 resistance level. If bullish candlestick closes above 1.1128 resistance level then down trend is going to end. Hence, I might like to stay out of the market and re-examine the price chart.
Source: http://www.fxinstructor.com/blog/eurusd-bearish-triangle-in-4-hours-chart
