EURUSD is gearing up for a massive move

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The EURUSD has just left a 179-day-old triangle pattern. Technically, it broke out on July 16th, but today, we saw the first significant move to the upside. This move is primarily driven by a sharp drop in the dollar-Japanese yen pair, as the Japanese central bank is suspected of intervening in the markets to prop up the yen.

The triangle breakout suggests we push higher by roughly 245 pips, potentially reaching the December high of 1.1140 as long as the price trades above 1.0887. Traders not already long are probably waiting for a corrective move toward 1.0924, offering a slightly better risk-to-reward ratio of 5.87.


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