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EUR/USD Consolidates in a Technical Triangle

EUR/USD Consolidates in a Technical Triangle

Walker England, Forex Trading Instructor

Talking Points

The EUR/USD continues to consolidate despite trading to a new weekly high at 1.1129. Prices are currently trading in a developing ascending triangle, as depicted below. Daily resistance for the pair is found at 1.1186, which is currently the July 2016 high. Conversely, support has been identified as an ascending trendline. This line has been created by connecting a series of daily lows, starting with the June 2016 low at 1.0911.

EURUSD Daily Chart

EUR/USD Consolidates in a Technical Triangle

Traders monitoring intraday levels of consolidation should note that range resistance for the EUR/USD is found at the R3 Camarilla pivot depicted below at a price of 1.1109. If prices continue to trade below this value, traders may look for the EUR/USD to retest values of support. The pivot range today measures 44 pips, which places the S3 pivot at a price of 1.1066.

In the event that prices break from this range, bullish breakouts begin at the R4 pivot at a price of 1.1131. A move through this value opens the EUR/USD to continue trading high towards the previously mentioned value of resistance at 1.1186. Alternatively, today’s S4 pivot is found at 1.1045. A move through this pivot places the EUR/USD near the daily ascending line of support. A bearish breakout in this scenario, may suggest a resumption of the pairs standing downtrend.

EUR/USD Consolidates in a Technical Triangle

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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