Sideways price activity on EURUSD since end of May suggests that a wave four triangle is unfolding. A triangle is a five-wave contracting or expanding movement within two trend lines, which unfolds prior to the final leg. In our case we are observing a bearish triangle, which can push prices lower once fully finished. At the moment we see price ending wave e) at the 1.175 level, meaning that a new reversal can be near. However, only a drop in impulsive fashion and a break below the 1.1573 level would confirm more weakness.
EURUSD, 4h
