EUR/USD: 4-hour
Does this count as a triangle breakdown? EUR/USD gapped lower at the start of this week, as forex traders reacted to the outcome of the Greek debt talks over the weekend. The pair is currently trading below the ascending triangle on the 4-hour time frame, suggesting that further losses are in the cards. Note that the chart formation is approximately a thousand pips tall, which means that the resulting selloff could last by the same number of pips. Stochastic is pointing down anyway, confirming that euro sellers are in control of price action. However, if euro bulls try to fill the gap, the pair might wind up trading inside the triangle pattern once more.
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