The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
EUR/USD drifting lower from triangle top
EUR/USD has been drifting lower since Monday’s peak, with the price having pushed into trendline resistance. The rally through $1.1744 could have significant implications going forward, yet for now the pair seems set for the lower boundaries of the triangle.
A rally up through $1.1717 could pave the way for another challenge of the upper end of this pattern. However, we would be looking for a break above $1.1745 to signal a bullish breakout for the pair. Until then, further downside seems likely to continue this triangle pattern. With the European Central Bank (ECB) due to release their latest monetary policy decision tomorrow, we are likely to see market positioning shift ahead of that announcement.
.jpg)
