General overview for 26/08/2105:
As anticipated previously (post is here), the EUR/USD pair is trading inside of the large triangle pattern and it might take some time for this pattern to complete. Nevertheless, there is still uncompleted impulsive wave progression tot the downside with first minimal target at the level of 1.0000. To confirm the triangle pattern, the market must breakout below the level of 1.1214 (recent wave (a) blue top) and get back into the range zone. Any failure to do this might suggest a more extended move to the upside and test of the weekly supply zone at the level of 1.1883.
1.2061 – 1.1883 – Weekly Supply Zone
1.1716 – Wave C Top
1.1656 – WR2
1.1558 – WR1
1.1434 – Technical Support
1.1290 – Weekly Pivot
1.1214 – Triangle Pattern Confirmation Level
1.1193 – WS1
1.0920 – WS2
1.0824 – WS3
Swingtraders should stay short on this pair as there is still one wave missing (wave 5 pink) to complete the impulsive wave development to the downside. Please notice the wave 4 pink triangle pattern might be get more complex and time consuming. Targets are on chart.