EUR/USD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most trade currency pair has formed a descending triangle pattern on the 1H chart on April 4. It means that as soon as the price hits the apex point, the pair will be highly volatile. It is also important to wait for a confirmation from the trading volume. On Wednesday bulls already made an attempt to penetrate the upper trend line, however, it was caused by the upbeat data from Europe, hence, the appreciation can be short-lived and the pair will fall back into pattern's boundaries. While traders bet on the bearish scenario, technicals are suggesting the pair will continue appreciating in a medium- and long-term outlook. The key level for long traders is a 1.39-mark.
© Dukascopy Bank SA
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