© Dukascopy Bank SA
This has been a long-term pattern; however, now the pair is entering the triangle's apex. The break-out could be expected to either side; although, we believe that this year's low will be reached once again. The daily and weekly technical studies also give ‘sell' signals. And last but not least, a majority (55.73%) of the SWFX traders' have opened short positions on the pair. Thus, we think that it is more likelier to see a bearish break-out than a bullish one.
© Dukascopy Bank SA