EUR/USD: triangle forming

The eurodollar pair has stopped rallying and consolidated into a triangle which looks almost complete. If it breaks down and continues the bearish trend lower then it will reach the cluster of pivots at 1.2100; a break below 1.2095 would probably lead to a retest of the 1.2050 lows. A move above the 1.2170 highs on the other hand would give bullish confirmation of a follow-through to 1.2215.

Written by Forex4you