EUR VS. USD, Traders @ Equilibrium?? Lets Navigate!

Updated
Here I have EUR/USD on the Daily Chart!

This Spring of 2024 we can see Price of EUR/USD has kind of been "trapped" where you can see the Highs in March begin to follow a subtle Falling Resistance from the Local Resistance Zone, then CONFIRMED by the test of said trendline early April and NOW early May where we see Price has come to rest just below our Falling Resistance.

Countering that is the Rising Support from the Local Support Zone where Price tested three times in April.

Altogether, forming what looks to be a Symmetrical Triangle Pattern!!
-Basically showing us that traders are unsure where price may go, creating a point of equilibrium to where we eventually see a BREAK either BULLISH -or- BEARISH!

__ In the Event that the Symmetrical Triangle is BROKEN, I suspect we could see a potential 3%+ Price move in the direction of the BREAK given it is a TRUE BREAKOUT and not a FAKEOUT!

**This prediction sees Price testing the JULY/OCT levels of 2023 depending on which way we see the scale tip in strength between EUR and USD, making these levels our 1st Areas of TP!

Zones of Value:
July 2023 High Resistance ( 1.12298 - 1.11404 )
Local Resistance ( 1.10426 - 1.09812 )

Oct. 2023 Low Support ( 1.05167 - 1.04503 )
Local Support ( 1.07238 - 1.06601 )

Now fundamentally, DXY started this month with HOTTER than expected ADP Non-Farm Employment Change numbers and remarkable Manufacturing Prices but ended the first week with EXTREMELY poor Non-Farm Employment Change and Services PMI then to end last week with disappointing Unemployment Claims and UoM Consumer Sentiment

BUT

What's left to come this week may give us a clearer map to help us navigate this pair!!
USD-
PPI (Tues), CPI & Retail Sales (Wed), Unemployment Claims (Thur)

EUR-
ECB Financial Stability Review (Thur)
*More for EUR following week for news*
Comment
So far we are getting a VALID BREAK of the Falling Resistance!!

Now we must WATCH for:
1) False Break
2) Valid Test
breakoutCPIEURUSDfakeoutfedForexFundamental AnalysisRelative Strength Index (RSI)Support and ResistancesymmetricalTriangle

Novi_FIbonacci

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