EUR/USD 30M Chart: Ascending triangle

Source: Dukascopy Bank
© Dukascopy Bank SA

EUR/USD slowed near the support level around $1.3341, and formed an ascending triangle pattern on the 30m chart. The formation has 68% quality along with 64% magnitude within 81 bars.

The price was capped twice around $1.3376 level before the formation appeared.  The Stochastic indicator is recovering from its oversold area, which leads to the possible price rebound. If the pair increases, the short-term target for long traders could be around $1.3376 where the present resistance level stands.

The formation tried to break the support level near $1.3309/35 but did not succeed. The present bias for 30M timeframe is neutral, while for 1H and 4H most of the indicators give "Buy" signal. If the price continues falling, the first target for short traders could be around $1.3310, near previous local low.

 

© Dukascopy Bank SA

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