EUR/NZD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Throughout 380 hours EUR/NZD has been posting lower peaks and higher valleys, allowing us to draw two major converging trend-lines that have eventually become the boundaries of the triangle. Even though the upper one has been recently breached, it still retains the potential to shape the price chart in the future, since the break-out proved to be false. Although during this time volatility of the pair has been decreasing, calm trading is unlikely to be the case once EUR/NZD exits the pattern, an event that should happen in the nearest future, given that the apex of the figure is only 20-30 bars away.
© Dukascopy Bank SA
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