EUR/USD Re-tests Lower Trendline of Symmetrical Triangle Pattern
During the European morning, the EUR/USD pair experienced a decrease in momentum and slid below the 1.1000 level due to reports from Germany and the Eurozone which suggested a loss of growth momentum in Q1. Furthermore, the pair is being weighed down by the renewed strength of the US Dollar ahead of significant US economic data releases.
From a technical perspective, the EUR/USD pair is currently trading within a symmetrical triangle pattern, with the price retracing towards the lower trendline of the pattern. Our analysis suggests the possibility of a rebound at this trendline, which acts as dynamic support, and could result in a new bullish impulse for the pair.
In light of this analysis, our recommendation is to consider a long setup, taking advantage of the potential bullish momentum that may arise from the symmetrical triangle pattern and dynamic support at the lower trendline.
From a technical perspective, the EUR/USD pair is currently trading within a symmetrical triangle pattern, with the price retracing towards the lower trendline of the pattern. Our analysis suggests the possibility of a rebound at this trendline, which acts as dynamic support, and could result in a new bullish impulse for the pair.
In light of this analysis, our recommendation is to consider a long setup, taking advantage of the potential bullish momentum that may arise from the symmetrical triangle pattern and dynamic support at the lower trendline.
