Symmetrical Triangle Forming on EURUSD!
- On the daily timeframe, EURUSD appears to be forming a symmetrical triangle pattern, and a fall towards the lower trendline would support the continuation of this pattern.
- Looking to the coming week(s), we should expect to see the price fall to at least the 1.09897 level, which proved to be a strong resistance level throughout April and May.
- By close of play on Friday 19th, the price had crossed over the 20 day moving average; giving an indication that last week's downtrend could continue.
- Similarly, we can see a crossover of the MACD below the signal line, and the RSI sitting at around 50; both providing no strong indication that the price will swing to the upside.
- A rebound off the support line would confirm the triangle pattern, after which we would look to enter a long position. If the price were to find support at the 1.09897 level, this could be the foundation of an early trend reversal.
- Looking to the coming week(s), we should expect to see the price fall to at least the 1.09897 level, which proved to be a strong resistance level throughout April and May.
- By close of play on Friday 19th, the price had crossed over the 20 day moving average; giving an indication that last week's downtrend could continue.
- Similarly, we can see a crossover of the MACD below the signal line, and the RSI sitting at around 50; both providing no strong indication that the price will swing to the upside.
- A rebound off the support line would confirm the triangle pattern, after which we would look to enter a long position. If the price were to find support at the 1.09897 level, this could be the foundation of an early trend reversal.
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