AvaTrade - Analytics


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    EUR/USD- Completed its symmetrical triangle pattern, what now?

    The EUR/USD pair is trading below its downward trend line on a 4 hour time frame. The price has completed its symmetrical triangle pattern towards the downside. The pair is also trading below its 50 and 100 day moving averages (shown in yellow and red color respectively) As the price is trading below its above averages and its downward trend line, this firmly confirms that the trend remains towards the downside. The volatility for the pair is low as it is trading within the Bollinger band and close enough to its 20 day moving averages.

    However, the RSI indicator is trading near the oversold region and this calls for a caution for any downward move. The MACD indicator is also confirming the same above argument as the RSI indicator.


    Important Zones

    1.0708-1.0658 Major Support

    1.1035-1.1001 Major Resistance

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