We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.05% Wall Street: 0.03% FTSE 100: -0.18% Germany 30: -0.56% France 40: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iMKNuZrELx
  • Though the Dow is holding up, the typical charge-leader Nasdaq has lost traction. Here is the Nasdaq-Dow ratio overlaid with my FAANG index is green: https://t.co/1FEUwyAc2Y
  • Offshore Yuan reacts against USD, as news of U.S. sanctions being considered on China over Hong Kong crosses the wires $USDCNH https://t.co/DrKYlfWtAu
  • US considers placing sanctions on Chinese officials and firms over Hong Kong - BBG
  • $EURUSD pushes to highest level since May 21 as risk aversion pulls back https://t.co/QXKGPiMzpg
  • #Dow Jones price action has gained about 3% so far this month as coronavirus vaccine hope and global stimulus efforts facilitate an extended rebound in stocks. Get your #Dow market update from @RichDvorakFX here: https://t.co/cvX3GzsC9X https://t.co/2JqlTrWAKl
  • US Treasury Yields: 2-Year: 0.178% 3-Year: 0.223% 5-Year: 0.353% 7-Year: 0.535% 10-Year: 0.700% 30-Year: 1.439% $TNX
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.05% Oil - US Crude: -0.07% Gold: -0.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NMZV03P1DY
  • A close below the low end of the aforementioned trading zone reflects a stronger bearish momentum and may send USDCAD towards 1.3511. Get your $USDCAD technical analysis from @malkudsi here: https://t.co/NnyNajRjE9 https://t.co/q1rU9eSVe3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 74.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2zuDQFrljo
EUR/USD Technical Analysis: Triangle Setup Carries Bearish Cues

EUR/USD Technical Analysis: Triangle Setup Carries Bearish Cues

2018-12-14 02:00:00
Ilya Spivak, Head Strategist, APAC
Share:

EUR/USD Technical Strategy: Flat

  • Euro carving out bearish Triangle chart pattern above 1.13 figure
  • Break lower to expose November low, heavy resistance below 1.15
  • Waiting for daily close breakout confirmation for EUR/USD trade

Build confidence in your Euro trading strategy with our free guide!

The Euro looks to have carved out a Triangle consolidation pattern above the 1.13 figure against the US Dollar. The congestive setup is typically followed by continuation of the dominant trend preceding it, which carries bearish implications in this scenario.

From here, a daily close below Triangle floor support at 1.1321 broadly opens the door for a decline to test the November 12 swing bottom at 1.1216. Alternatively, a push above the pattern’s upper boundary at 1.1434 targets congestion area resistance in the 1.1456-81 zone.

Euro vs US Dollar chart - daily

While positioning suggests that the long term bearish EUR/USD trend may soon resume, confirmation is absent. Furthermore, the inherently narrowing Triangle structure makes for progressively diminishing risk/reward appeal. With that in mind, waiting for a confirmed breakout to take a trade seems prudent.

EUR/USD TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivakon Twitter

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

DISCLOSURES

News & Analysis at your fingertips.