EUR/USD forms symmetrical triangle
Despite that all three American employment indicators that were released on Friday did not justify experts’ forecasts, the Greenback continued to appreciate against the Euro and even managed to break through the bottom trend-line of a medium-term ascending channel.
Fortunately for the latter, the downside moment was not strong enough to incite the buck to try to break also through the lower boundary of the dominant ascending channel. For this reason, the pair started new trading week precisely at the monthly PP at 1.1881 that is located in the middle of the junior symmetrical triangle.
Even though the northern path is protected by a combination of the weekly PP at 1.1918 and the 100-hour SMA, the southern side still consists of a more rugged support level.
Fortunately for the latter, the downside moment was not strong enough to incite the buck to try to break also through the lower boundary of the dominant ascending channel. For this reason, the pair started new trading week precisely at the monthly PP at 1.1881 that is located in the middle of the junior symmetrical triangle.
Even though the northern path is protected by a combination of the weekly PP at 1.1918 and the 100-hour SMA, the southern side still consists of a more rugged support level.
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