EUR/USD 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While every recent rally ended around 1.10, every subsequent sell-off was smaller than the previous one. Judging by these latest developments, demand for the Euro is currently building up. However, there is also a possibility of a double top pattern emerging, if the up-trend at 1.08 does not withstand the selling pressure. Then we will be looking at 1.0737 as a key support level, a breach of which will imply a decline to 1.0470. Conversely, if supply at 1.10 is overcome first, then the nearest target will be 1.1275, followed by 1.1488, though we should also remember about the monthly R1 level at 1.1160. Still, the sentiment is bearish, as a majority (57%) of positions is short.
© Dukascopy Bank SA
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