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21.03.2023 05:05 PM
Red lines - expanding triangle
Blue lines- bullish channel
Black line- long-term support trend line
EURUSD is trading around 1.0775. Short-term trend is bullish as price continues making higher highs and higher lows inside the blue upward sloping channel. Price is now approaching the resistance trend line of the expanding triangle pattern upper boundary. There are increased chances of a rejection around 1.08. The RSI is approaching overbought levels. Price is testing resistance area. Support is at 1.07. As long as price holds above 1.07, bulls remain in control of the short-term trend. Since February price has formed this expanding triangle. Traders need to be patient to see which direction the triangle is finally broken.
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