Day: May 6, 2012

Descending Triangle on EUR/USD Daily Chart

A large descending triangle has formed on the EUR/USD daily chart. Its beginning can be traced back to about February 16. There are three zones where the price touches the upper (sloping) border of the pattern and three zones where it touches the bottom border. Although the triangle is formed at the end of the mid-sized bullish wave, it is predated by a rather strong bearish trend and thus can work as intended — as a continuation […]