The EUR/USD pair fell during the session on Thursday, breaking below the range for the Wednesday candle, and signifying that this pair was in fact going to respect the downtrend line that had formed on the weekly chart. This downtrend line is the top of the descending triangle, so we do view it as being important. If we managed to break down below the bottom of the range for the session on Thursday, we would be sellers of the Euro at this point. If the Euro does in fact to obey the descending triangle, we think eventually this pair could go as low as 1.28 before finding massive support.
Written by FX Empire