The EUR/USD pair went back and forth during the session on Friday, but as you can see got nowhere. Just above the current price action is a downtrend line that forms the top of the descending triangle, so we are not willing to buy this market up at this elevated price. In fact, we need to close on the daily chart above that downtrend line in order to start buying, but we fully expect to see a reversal signal in the next candle or two in order to start selling. If that’s the case, we could go as low as 1.28 based upon that triangle.
Written by FX Empire