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Alert EUR/USD - Descending Triangle with an Ascending one

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Alert EUR/USD - Descending Triangle with an Ascending one

Postby Himanshu » Thu Oct 08, 2015 10:57 am

Our eyes have been on EUR/USD and GBP/USD recently. Recently a descending triangle formation has emerged within a longer-term ascending triangle. A unique one, right?

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The current price action is testing the resistance of the inner triangle. If there is a breakout then a test of the outer triangle will be expected i.e. a move towards 1.1425 to 1.1440. This zone will not only bring the resistance of the outer triangle but also the psychological resistance of approaching 1.1500 level.

However, we still remain in favor of what we mentioned in the recent chart-alert in the blog section. As mentioned there, overall we stay bearish. You may check that in the "Chart Alerts" category at http://www.forexabode.com/forexblog/
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Himanshu
 
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