FX.co ★ Triangle pattern in EURUSD that remains in a bearish medium-term trend.

EURUSD is trading in a tight range forming a triangle pattern. Today we saw price get rejected at the upper triangle boundary and support is at 1.1150. Failure to hold this level will open the way for new lows as price remains inside a longer-term bearish channel.

Black lines - triangle pattern

EURUSD is moving mostly sideways inside the black triangle. Price is also inside the red bearish channel we have mentioned many times in our previous posts. As long as price is inside this channel we remain bearish. Breaking above the upper triangle boundary will challenge the upper red channel boundary. If however the triangle is broken downwards we should expect price to move towards 1.11 and lower. Resistance is at 1.1220-1.1250 area. Breaking above this area would be a bullish sign. Until then we remain bearish.