EUR/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a sharp drop of the Euro/Dollar cross on January 22 amid the ECB's QE decision, the pair began narrowing its trading range. As a result, the triangle pattern emerged on the hourly chart. Moreover, last Friday the lower boundary of the pattern failed to provide enough support for the Euro in order to rebound towards 1.1480, and it was eventually confirmed to the downside. As a result, the outlook for the common currency became even more bearish. Negative scenario is also shared by medium and long-term technical studies, as well as 52% of SWFX market participants. However, it is possible that support at 1.1228 (weekly S1) will make an attempt to reverse a decline.
© Dukascopy Bank SA
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