EUR/USD - Descending Triangle and Fundamental Factors

From forexminute.com

Descending Triangle: The EUR/USD started this week marking a new low on the year at 1.2216. It has since consolidated in a descending triangle as we can see in the 1H chart. The bearish bias and momentum is maintained. 1) The 200-, 100-, and 50-hour SMAs are sloping down and in bearish alignment. 2) Price is trading under the SMAs. 3) The RSI has tagged below 30, and held below 60, showing persistent bearish momentum. A break below 1.2215 would break the descending triangle and signal bearish continuation. The width of the triangle at its widest part is 1.23-1.2215, which is 85 pips. A projection of 85 pips lower ... (full story)