EUR/USD 4H Technical Analysis, Descending Triangle Pattern

Source: Dukascopy Bank SA
On the 4-hour EUR/USD chart, the market is forming a tightening consolidation pattern that looks like a descending triangle. The price is being squeezed between a downward-sloping resistance line connecting lower highs and an upward-sloping support line connecting higher lows, showing indecision after the recent downtrend.



The 60-period SMA is above the current price and sloping downward, reinforcing a medium-term bearish bias. The pair is hovering near the psychological 1.1800 level, struggling for momentum. Key resistance levels are around 1.2045 and 1.1833, while support lies at 1.1765 and the major floor at 1.1698. Volatility is low near the apex, but a breakout is likely. If the price falls below 1.1750, a drop to 1.1698 is possible. Conversely, a break above the descending trendline and the SMA could push the pair toward 1.1900 or higher.
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