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EURUSD Ascending Triangle Breakout Soon?
EURUSD has formed higher lows and found resistance around the 1.0600 major psychological mark, creating an ascending triangle pattern that’s been holding since mid-November. Price is testing the resistance and could be due for another bounce. The 100 SMA is below the 200 SMA to suggest that the path of least resistance is to the downside or that resistance more likely to hold than to break, potentially sending EURUSD back down to the lows near the moving averages. Stochastic is also pointing down after recently reaching the overbought area, suggesting a pickup in selling pressure. The oscillator has plenty of room ... (full story)