EUR/USD MAY BE IN A WAVE 2 TRIANGLE - WILL IT BREAK 1.1050

The price action on the EUR/USD this week suggests a possible wave 2 "Triangle". Although more common in the wave 4 position they can form in wave 2 as well. It usually means the price is coiled up quite a bit and thrusts out quite strongly. The break of 1.1050 will be telling. If this does hold true then the chances are wave 4 will be a ZigZag ABC. Time will tell.