Jun 27 2018

EURUSD – Consolidation in a Descending Triangle

EURUSD:- Near term view for Euro against US Dollar looks bearish. On analysing the 4 hourly chart  – the formation of Descending Triangle pattern can be seen, converging peaks with equal bottom are clearly visible on the chart. 200-Day Simple Moving Average(SMA) is trying to resist the pair at 1.17 mark – acting as a strong immediate resistance. 14-Day Relative Strength Index(RSI) is hovering below 50 mark and MACD line with Signal line, are trying to cross below the zero-line – indicating  gathering of bears. According to the applied technical studies, I feel the pair can test back 1.1510 level and should remain within Descending Triangle range(1.15 to 1.17), until the pair EURUSD is not  able to break 200-Day SMA hurdle on top.