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EUR/USD: bears ripped the "Rectangle" to shreds

Sergey Logachev

EUR/USD: bears ripped the "Rectangle" to shreds

The market was trading in a flat for two weeks, which finally led to the current decline. There’s a reversal “Triple Top” pattern, so the pair is likely going to reach a support 1.1217 – 1.1188. If we see a pullback from this area, bulls will have a chance to achieve a resistance area between the 55 Moving Average and the level at 1.1273.

EUR/USD: bears ripped the "Rectangle" to shreds

As we can see on the one-hour chart, the price movement in a range of  the “Rectangle” pattern was finally ended by the strong bearish rally. The price faced a support at 1.1259, so currently we’ve got a local upward correction. If the pair gets a resistance at 1.1284, a decline will likely continue towards a support at 1.1237 – 1.1219.

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