EURUSD – Daily Forex Technicals by ForexHound.com May15th

EURUSD has been trading inside a triangle for the last couple of days, between 1.5550 and 1.5300, this sort of pattern is a continuation one, and if we look and the move that preceded this consolidation we see the bearish tendency was predominant. EURUSD has been trading inside a triangle for the last couple of days, between 1.5550 and 1.5300, this sort of pattern is a continuation one, and if we look and the move that preceded this consolidation we see the bearish tendency was predominant; with this in mind we can expect a break on the lower side of the triangle that has the 1.50-1.51 area as its main target. Conversely a bounce form the lower support trendline can offer a decent base for a third leg towards the 1.55 level.

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