EUR/USD Triangle consolidation may be likely

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  • Last Friday's rally retreats below the 1.1100 figure.
  • The level the bears need to break is the 1.1060 support.

EUR/USD daily chart

EUR/USD is trading in a weak downtrend below the major simple moving averages (SMAs) as the market broke below the uptrend line and is now testing it with the market higher. Price remains weak below the 1.1200/200 SMA and is likely to enter triangle consolidation in the upcoming sessions.

 EUR/USD Triangle consolidation may be likely

EUR/USD 4 hour chart

The EUR/USD pair is trading in a descending channel, below the 100/200 simple moving averages. The price has challenged the 1.1100 resistance and is now declining. A break below the 1.1060 support level may see a re-visit of the 1.1033 and 1.1000 area. On the flip side, a sideways break above the 1.1100/ 1.1140 resistance area might call into question the bears' commitment, according to the Technical Confluences Indicator.

  EUR/USD Triangle consolidation may be likely

Support: 1.1060, 1.1033, 1.1000

Resistance: 1.1080, 1.1100, 1.1140

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