FX.co ★ Short-term triangle pattern in EURUSD.

EURUSD starts the week on a negative note as price is under pressure and we now trade below 1.1290 once again. Price has formed a triangle pattern as shown in the four chart. I expect the short-term trend to be affected in a great degree from the direction of the breakout.

The lower triangle boundary is at 1.1276. The upper triangle boundary is at 1.1319. Failure to stay above 1.1276 will open the way for a move towards recent lows near 1.1225 with increased chances of breaking below that level. If bulls manage to push price above 1.1318 then I would expect price to continue higher towards recent highs at 1.1355-1.1375. Traders need to be patient.