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27.10.202017:31 Forex Analysis & Reviews: Short-term technical view on EURUSD

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EURUSD is forming the last few sessions a triangle pattern after making a high at 1.1880 and a pull back low at 1.1787. Since then price is making lower highs and higher lows. Price is mostly moving sideways and that is why we will need to focus on the triangle boundaries as a break outside of the triangle could be a hint for the trend of the next days.

Green lines- triangle pattern

The upper triangle boundary is now found at 1.1850 while the lower triangle boundary support is at 1.18. Price is now at a point where traders better stay neutral. As we have seen from past analysis we posted, the 1.18 level remains a key support level. If resistance at 1.1850 is broken then we should expect EURUSD to push higher towards 1.19 and to challenge recent highs. Breaking below 1.18 would be a bearish sign but do not forget that the most important support level for the medium-term trend is at 1.17.

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