EUR/USD 30M Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a break above the upper trend-line of the senior three-month channel, EUR/USD entered a ranging motion and could potentially have sketched a double top formation at 1.0675. Most recent movements indicate a small-scale descending triangle, which is about to be broken – most likely to the downside. The pair is currently on a quite crucial step, which could either confirm the trading range or the double top, with strong bearish pressures taking over in case of the latter. A break below 1.0605 would therefore mean a conclusive reversal, while a close above 1.0616, the upper trend-line of the triangle, would suggest a surge towards 1.0675.
© Dukascopy Bank SA
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