The euro is trading lower again this morning, having found resistance yesterday around 1.3415 from the descending trend line. The pair is trading in a triangle on the 4-hour chart, which given the aggressive sell-off leading up to it, suggests it is a bearish continuation pattern. If that is the case then we should see a break lower in the next 24 hours, which would prompt a move back towards last week’s lows around 1.3294. This is the 50% retracement of the move from 9 July lows to 25 October highs so should provide strong support. That said, the pair is looking much more bearish since the break of that 1.3450 ... (full story)