EURUSD Daily Analysis – September 6, 2017

EURUSD moved sideways and formed a triangle pattern on its 4-hour chart. The price action in the triangle pattern could be treated as consolidation of the uptrend from 1.1662. Further rise towards 1.2165 is still possible after the consolidation. Near term resistance is at the top trend line of the triangle, a clear break above this trend line could signal resumption of the uptrend. On the downside, a breakdown below the bottom support trend line of the triangle pattern could take price to test 1.1823 support, below this level could signal completion of the uptrend from 1.1662, then deeper decline to 1.1700 area could be seen.

EURUSD 4-hour chart