EUR/USD – Awaits symmetrical triangle breakout

5 Tem 2016

Hourly chart pattern – Rising channel & symmetrical triangle

Daily chart pattern – Falling channel, stuck at rising trend line hurdle

• Euro’s retreat from the rising trend line hurdle of 1.1186 marks a failure to see a bullish break from the symmetrical triangle formation.
  

• A subsequent move lower to 1.1150 if followed by a bearish break from symmetrical triangle support would signal a short-term top is in place and open doors for 1.1070 levels (rising channel support).
  

• On the other hand, a bullish break from symmetrical triangle formation could yield test of 1.1196 levels.