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Currently, the apex of the triangle pattern has been reached and that could mean the end to the period of consolidation. To our mind the next move is to the downside, despite the fact that the short-term (4H) technical studies are pointing to the north. The monthly PP at 1.2471 is likely to hold back the pair's bulls and eventually that will lead to a sell-off towards the 1.23 level or even the monthly S2 at 1.1230. Moreover, the majority of the SWFX traders' are also bearish on the pair, since 58% of them have opened short positions.
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