FX.co ★ EURUSD remains inside triangle pattern

EURUSD continues to respect the boundaries of the triangle pattern. More action is expected to be seen from Monday as the space inside the triangle is running out. As we explained in previous analysis, I believe the most probable outcome would be a break to the downside.

Red line - resistance

Green line - support

So far price respects the boundaries. If support at 1.1225-1.12 fails to hold, I expect price to move towards 1.11. If resistance at 1.1285-1.13 is broken, then 1.14 should be challenged. Longer-term view I have is to wait patiently for a move towards the 61.8% Fibonacci retracement at 1.1085.