EUR/JPY, EUR/USD Triangles Continue to Develop Downside Potential
DailyFX.com reports that short-term technical indicators are indicating potential downside for various EUR-crosses. The EURJPY and EURUSD triangles are showing signs of favoring more downside, with a possible continuation outside of recent triangles after breaking uptrends from last week’s lows. In EURUSD, a longer-term triangle may also be in the works. The EURGBP double top remains valid towards 0.7063, with key resistance levels being respected throughout consolidation, keeping the double top intact. For technical considerations in EURUSD, GBPUSD, EURGBP, and EURJPY, watch the accompanying video. The article was written by Christopher Vecchio, a Currency Strategist at DailyFX. For further information or to contact Christopher Vecchio, email cvecchio@dailyfx.com or follow him on Twitter at @CVecchioFX. DailyFX provides forex news and technical analysis on trends influencing global currency markets. Practice forex trading with a free account and trading charts from FXCM.