EUR/USD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact EUR/USD breached the lower trend-line of the 150-bar long descending triangle pattern a day earlier, the most traded pair has not retreated farther than 20 pips from the pattern's support up to now. We may claim a two-month low of 1.3603 is acting as a strong support level that has been preventing the currency couple from a massive sell-of since the breakout took place. At the same time, the short-term SMA at 1.3605 has been the key obstacle for a return to the triangle's area. Meanwhile, technical data is sending 'sell' signals for medium and long terms, meaning that the two-month low is likely to fail to contain a drop for a long time.
© Dukascopy Bank SA
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