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EUR/USD – Awaits symmetrical triangle breakout

FX:EURUSD   Euro Fx/U.S. Dollar
Hourly chart pattern – Rising channel & symmetrical triangle

Daily chart pattern – Falling channel, stuck at rising trend line hurdle

  • Euro’s retreat from the rising trend line hurdle of 1.1186 marks a failure to see a bullish break from the symmetrical triangle formation.
  • A subsequent move lower to 1.1150 if followed by a bearish break from symmetrical triangle support would signal a short-term top is in place and open doors for 1.1070 levels (rising channel support).
  • On the other hand, a bullish break from symmetrical triangle formation could yield test of 1.1196 levels.
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