On EURUSD we see price trapped in a big consolidation pattern, a triangle that may not be finished yet, as recent turn up from 1.0847 looks quite strong, so it can belong to a bigger recovery. Ideally that will be wave E that will be expected to accomplish a triangle in wave IV in weeks ahead. After a completed triangle we will look sharply lower into wave V.
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Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.
Basic Triangle Pattern: