BabyPips.com FX-Men Team
BabyPips.com
EUR/USD: Daily
Last but most certainly not least is this long-term triangle breakdown on EUR/USD’s daily forex chart. Price had been stuck inside an ascending triangle since the beginning of this year and is starting to break free, thanks to the dovish ECB statement. Stochastic is still pointing down, which means that sellers have plenty of energy to push for more declines. Heck, the pair might have its sights set on the yearly lows around 1.0500 or much lower! After all, the triangle is approximately a thousand pips tall so the long-term selloff might last by that much. Be careful, though, as the moving averages made an upward crossover, which hints that a large bounce might still be possible.
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