The EUR/USD pair has formed a symmetrical triangle pattern on a 30 minute time frame. If this pattern does break out towards the upside it could easily push the price towards the yellow rectangle shown on the chart. Historically speaking, symmetrical triangles do break towards the upside in a upward trend. However, if this does break towards the downside, then the price could go towards the pink rectangle shown on the chart.
The RSI is trading in line with the price action which means that the bias could be towards the upside. The pair is also trading below the 50-day (shown in green) but above 100-day (shown in yellow) moving averages which means bulls are still in control.
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Important Levels
Resistance Level
1.3521-1.3488 Major
1.3393-1.3431 Major
1.3250-1.3214 Minor
Support Zone
1.2909-1.2875 Minor
1.2770-1.2743 Major
1.2686-1.2653 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam