EUR/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Yesterday, the EUR/USD currency pair confirmed the triangle pattern, which has been emerging since May 5 on the hourly chart. Strongly supported by the 200-period SMA, bulls managed to push the single European currency considerably to the upside, and the pair has already appreciated  by around 200 pips during the last 24 hours. Judging from technical indicators on all time frames, bullish tendency may prolong in the nearest future. In addition, pending orders on the Euro are unusually positive at the moment, even though the majority of SWFX traders (57%) are short on the Euro. Meanwhile, the closest target for bulls is placed at 1.1545 (weekly R2).
© Dukascopy Bank SA
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