Price of the EUR/USD pair remains inside the triangle consolidation pattern. Price has visited the 1.1730-1.1760 resistance area several times and got rejected. On the other hand, the price continues to make higher lows.
Black lines – triangle pattern
Red line – RSI support
Red vertical lines – triangle targets
Blue line – long-term resistance
EUR/USD has resistance at 1.1730-1.1760. A weekly close above this area will open the way for a triangle breakout with the target of 1.2050-1.2110. The long-term trend line resistance is also very close to that area. If the triangle breaks below 1.16 and closes the week below it, we should expect the prices to continue lower towards 1.1250 in August.
Traders should be patient and wait for a confirmed and clear breakout of the triangle pattern.
The material has been provided by InstaForex Company – www.instaforex.com
Price of the EUR/USD pair remains inside the triangle consolidation pattern. Price has visited the 1.1730-1.1760 resistance area several times and got rejected. On the other hand, the price continues to make higher lows.
Black lines – triangle pattern
Red line – RSI support
Red vertical lines – triangle targets
Blue line – long-term resistance
EUR/USD has resistance at 1.1730-1.1760. A weekly close above this area will open the way for a triangle breakout with the target of 1.2050-1.2110. The long-term trend line resistance is also very close to that area. If the triangle breaks below 1.16 and closes the week below it, we should expect the prices to continue lower towards 1.1250 in August.
Traders should be patient and wait for a confirmed and clear breakout of the triangle pattern.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: