EUR/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After two consecutive weeks of hovering around 1.14 level along with narrowing trading range, the Euro/Dollar cross has formed a triangle pattern on 1H chart. Moreover, the pair is still trading inside two boundaries of the pattern, while the break-out is expected to take place very soon. Being that there were two attempts to cross the pattern's resistance, we assume that a bullish outcome is more likely than bearish one. At the same time, neither technical indicators nor market participants are supporting any case for the EUR/USD at the moment. The former are neutral on all time-frames, while bears' advantage over bulls is negligibly small (51% vs 49%).
© Dukascopy Bank SA
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