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EUR/USD Descending Triangle (May 8, 2013)

EUR/USD is slowly edging closer and closer to the 1.3000 major psychological support again as the pair has formed lower highs on its 1-hour chart. In fact, it has created a descending triangle pattern on the same time frame.

For now, there are no major reports due from the euro zone, which explains why the pair is currently stuck in a consolidation pattern. The lack of data could keep the pair inside the triangle, with some opportunities to scalp off the top or the bottom of the formation.

20130508.eurusd

Only the medium-tier German industrial production report is due from the region today and this report is projected to print a 0.1% decline, which is a disappointment compared to the previous 0.5% uptick. A weaker than expected reading could push EUR/USD to test the bottom of the descending triangle or even make a breakdown, depending on the actual result.

Stochastic, however, is suggesting a potential bounce back up as it is currently pointing north. Aim for the top of the triangle for a day trade or the previous highs around 1.3100 for a longer-term setup.

By Kate Curtis from Trader's Way

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