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EUR/USD Analysis: Revealed Symmetrical Triangle Pattern

The EUR/USD currency pair has revealed a symmetrical triangle pattern.

From a theoretical point of view, it is likely that the exchange rate could reverse north from the lower pattern line circa 1.1810. The rate could re-test the upper pattern line located circa the 1.1855 mark.

Meanwhile, note that the currency pair is pressured by the 55– and 100-hour SMAs in the 1.1830. Thus, a breakout south could occur, and the pair could re-test the support level—the monthly PP at 1.1782.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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