EUR/USD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As evident from the chart, EUR/USD is currently consolidating in a bearish market. This fact significantly increases the chance of a break-out to the downside, which should occur in the nearest future, considering the proximity of the pair to the apex of the triangle. If the support up-trend is indeed broken, the Feb 9 low at 1.1269 is to be the first target, followed by support at 1.11, which is mainly responsible for the emergence of the pattern. However, neither the four-hour nor the daily indicators are pointing south, only some of the weekly studies are in favour of the negative outlook. At the same time, the sentiment is neutral: 48% of positions are long and 52% are short.
© Dukascopy Bank SA
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