EUR/USD 1H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
EUR/USD is sending mixed signals in between several time-frames, as a channel up pattern appears to be emerging on the daily one, but the hourly chart shows lack of downward pressures that would lead to a bounce off the upper trend-line around 1.0942. The pair has set a symmetrical triangle and has failed to abandon the upper line, suggesting that the previously strong trend-line might break soon. We will still keep the downward motion as our base scenario because of the seniority of the trend-line, meaning that a slip below 1.0912 is likely to signal a dive towards 1.0620/30 area where the bottom trend-line lies.

  Level  Rationale     Indicator 30M 1H 4H
R4 1.0848 55-hour SMA     MACD (12; 26; 9) Sell Buy Buy
R3 1.0843 Daily Pivot Point     RSI (14) Buy Neutral Neutral
R2 1.0838 Cloud Resistance; 100-hour SMA     Stochastic (5; 3; 3) Neutral Sell Buy
R1 1.0833 Weekly Pivot Point     ADX (14) Neutral Neutral Buy
S1 1.0821 Bottom Bollinger Band     CCI (14) Buy Buy Sell
S2 1.0819 200-hour SMA     AROON (14) Buy Buy Buy
S3 1.0812 Daily S1     Alligator (13; 8; 5) Sell Buy Buy
S4 1.0819 Neckline     SAR (0.02; 0.2) Sell Sell Buy
          Aggregate → → ↑
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