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EURUSD analysis (14/08/18)

This review of the EURUSD pair is written in continuation of my previous discussion titled "EURUSD pair analysis (07.08.2018)". Earlier on the H4 timeframe, we tracked the descending triangle, within which the euro has been trading against the US dollar since the 1st of May:

In the graph above you can see that the pair has already exited the triangle.  

Technically speaking, triangles indicate the continuation of a trend. Given that the EURUSD pair entered this descending triangle from a downwards trend, it can be concluded that most likely if there is a real exit from the descending triangle, then the pair will continue its downward movement on the H4 timeframe. It seems to me that in the coming months we will see lower prices in the EURUSD currency pair. For example, 1.12 and even 1.11. The lower line of the triangle (1.1530) is acting as a solid resistance.

At the time of writing, the EURUSD pair is fluctuating near 1.1390.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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