The EURUSD is in a triangle consolidation.

The EURUSD has developed a triangle consolidation despite the AB=CD pattern pointing lower. Obviously, the risk moving forward is the China/US trade deal in the coming days. Conventional wisdom would suggest if a deal gets done, the USD should weaken as investors re-direct US Dollars into other assets. On the other hand, should things fall apart between the two largest economies, the EURUSD may drop as risk aversion intensifies and so would demand for US Dollars. 1.1150 and 1.1220 seem to be the levels to watch.

EURUSD Daily Chart

Blake Morrow