EUR/USD is ready to break 1.29

Since Monday the trading range has been narrowing, and EUR/USD seems to have formed a symmetrical triangle as a result. Accordingly, being that the pattern implies continuation of the trend, the Euro is expected to break out of the formation to the downside, which will most likely lead to a test of the 2013 low in the nearest future. This scenario is also supported by the daily and weekly technical indicators, but not by the monthly ones.

There is still no change in the distribution between the amounts of long (59%) and short (41%) positions, as EUR/USD has not shown any willingness to move in either direction this week and traders did not have to reposition.