EUR/USD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched a two-month low of 1.3103 on Sep 6, EUR/USD was appreciating until it reached a six-month high of 1.3567 on Sep 19 that triggered a gradual retreat to the lower boundary of the pattern, currently sitting close to the daily support zone at 1.3483. Although market players are bullish on the pair, the probability of a decline remains high given the decreasing distance between 50-and 200-hour SMA; if short-term SMA falls below long-term SMA it will create a death cross that often results in a drop of the pair. Also bolstering the bearish outlook, the pair is trading at the pattern's support, a break through which may bring a one-month low back to the fore.
© Dukascopy Bank SA
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