12:12 EURUSD: Pair Still Stuck in a Triangle Pattern
The pair remains very calm, despite big volatility on and commodities. It was trading at 0.25 percent stronger on Tuesday, hovering at around 1.1380 during the London session, while it was stuck in a bigger triangle pattern.
The upper line of this triangle is near the 1.14 level and if broken, the bullish momentum could accelerate further, and the next target could be at November highs at 1.15, where the 100-day moving average is also located.
On the downside, the lower line of the triangle is seen near 1.1330 and if broken to the downside, the next stronger support could be at 1.13 and then it could move to the current cycle lows at 1.1210.
Volatility has been minimal lately, which could change when this triangle pattern is broken to either side. The RSI indicator is not showing any help at the moment, as it also remains stuck in a narrow range.
The Dollar index rose strongly on Monday and it is now nearing the short-term bearish trend line at 97.25. If bulls manage to conquer this level, the pair will most likely drop below the mentioned lower trend line of the triangle.
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