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EURUSD Tests Triangle Resistance

Walker England

DailyFX.com -

Market Condition: Consolidating Triangle

Target 1: Triangle Support 1.1100

Invalidation: Bullish Breakout Above Resistance

EURUSD 1Day Chart

EURUSD Tests Triangle Resistance
EURUSD Tests Triangle Resistance

(Created using Marketscope 2.0 Charts)

The EURUSD continues to trade inside of a descending triangle, after today’s NFP news event failed to produce a breakout. The triangles line of resistance is formed by connecting a series of lower highs, starting with the August 24th high found at 1.1714. Price is currently trading at resistance, which is now found near 1.1300. A retracement from this value would potentially expose a move back towards support near 1.1100.

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In the event that prices move above resistance, this suggests that the EURUSD is attempting to breakout towards higher highs. In this instance, price action would invalidate the current triangle pattern.

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