EURUSD Elliott Wave View: Still Trading Sideways

Short-term EURUSD Elliott Wave view suggests that the pair remains in a sideways triangle range between 1.2554 and 1.2153 levels as mentioned in the previous post  here. Until we break out of the range, we look for the sideways price action to continue. Triangle doesn’t have any particular trend, but it is generally a continuation pattern, thus the pair likely thrust higher to continue the previous bullish trend after the sideways action is over.

If we take a look at the previous cycle from January 2017 low. The pair shows a higher high sequence thus the pair is favored to trade higher once triangle consolidation is complete. It’s important to note that the  Triangle is labeled as A,B,C,D,E.