FX.co ★ Accumulation Cylinder in play for EUR/USD for August 4, 2021

On July 27 we saw an almost 100-year chart formation by Jess Livermore, which he called an Accumulation Cylinder. The formation is a forewarning of upside acceleration in the days ahead. All that's needed is a break above the resistance line at 1.1909 that will call for upside acceleration to the former peak at 1.2264 and the long-term target at 1.2763.

That said, we also need to accept the possibility of one more drive lower to the cylinder support line near 1.1810 before the real challenge of the resistance line near 1.1909.