Descending triangle on eur/usd
Good evening all,
It's been a quiet week for the eur/usd with no noticeable movements and events, markets are braced for the G20 meetings on Friday and Saturday and whether this whole trade issue between US and China can finally break down.
US GDP came in close to expectations and European cpi is expected to have stabilized.
Technically, the pair is still looking bullish-neutral trading above its main moving averages.
However, on the hourly chart a descending triangle is forming which usually is a continuation of a downtrend but can sometimes be found as a top , suggesting that the pair may struggle to continue rising and therefore start declining.
It is important to wait for a confirmed breakout before placing any sell position since some patterns fail.
First support is somewhere near 1.134 ( 200D SMA and 23.6% fibo).
First resistance near 1.139 followed by 1.142.
Trade safe
It's been a quiet week for the eur/usd with no noticeable movements and events, markets are braced for the G20 meetings on Friday and Saturday and whether this whole trade issue between US and China can finally break down.
US GDP came in close to expectations and European cpi is expected to have stabilized.
Technically, the pair is still looking bullish-neutral trading above its main moving averages.
However, on the hourly chart a descending triangle is forming which usually is a continuation of a downtrend but can sometimes be found as a top , suggesting that the pair may struggle to continue rising and therefore start declining.
It is important to wait for a confirmed breakout before placing any sell position since some patterns fail.
First support is somewhere near 1.134 ( 200D SMA and 23.6% fibo).
First resistance near 1.139 followed by 1.142.
Trade safe
Ramzi Abou Abdallah, CFTe, CMT
Feragatname
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