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 trading in triangle pattern
EUR/USD is trading within yet another symmetrical triangle formation, in a wider move which looks most likely to be a short-term bounce prior to another leg lower. The failure to create a new high yesterday was a warning sign that this weakening is starting.
However, the higher low confirmed a triangle pattern which means we await an hourly close above $1.1159 for a bullish short-term outlook or an hourly close below $1.1119 for a return to the medium-term bearish outlook.