EUR/USD 1W Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/USD currency pair has formed a well developed rectangle since the beginning of 2015, after taking serious dip in 2014. The pair has shown very strong resistance against the 1.1468 level which clusters with the upper Bollinger Band as well as a powerful support line at 1.0472. In the event of a continuation of the previous downward trend, the Euro has to slump under the 1.0472 mark – a level that the currency has not broken since year 2002, making this scenario highly unlikely. Furthermore, developments since November 2015 have caused the pair to form an ascending triangle pattern, which suggests that a trend reversal pattern is likely, and the Euro might appreciate and break the 1.1468 dollar level on its way up. The pair has also recently crossed the 100 week SMA, which sends a strong bullish signal for traders. In case an upward breakout does happen, the significant 1.1468 resistance will be broken, and the currency is likely to rally up to the 200 period SMA at 1.2332, encountering intermediate corrections on its way. In case of a downward breakout from the triangle pattern, however, the lower Bollinger Band at 1.0989 followed by Q1 lows at 1.0789 will serve as supports for future movements.
© Dukascopy Bank SA
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