EUR/USD: expanding pattern

   The EUR/USD pair is in the process of forming an expanding pattern with the possibility of a fall in prices or even a compelte reversal of trend. Currently it is still consolidating and has reached the top of the range. There is a strong chance that it could fall to the lows of the range at 1.3025 next, although support at 1.3065 could also prevent further downside. A break below 1.3120 would signal a likely move lower.

 

Forex4you analyst Joaquin Monfort

Analysis prepared by:

Joaquin Monfort
Forex4you analyst

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