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EURUSD : Consolidating Within Symmetrical Triangle, Ready For a Big Move

EURUSD: 4 Hour Chart

With no important economic data releasing today EURUSD seems consolidating and pushed little lower as investors expecting the European Central Bank will come up with fresh easing measures. On the 4 hour chart, the pair seems consolidating within a symmetrical triangle trend and declined from the falling resistance trend line and currently testing the key support from the rising support trend line. If it continues to decline below this support trend line it will confirm the bearish trend on the pair. However there are immediate key support on the chart which the pair will test if continues to decline. But as the bias is bearish we might see the pair declining below these key support levels.

EURUSD : Daily Chart

On the daily chart, there seems a falling channel trend and the pair is currently trading near the support trend line of the channel. If it continues to decline as we saw on the 4 hour chart, a decline below the falling support trend line and 1.3291 level will only confirm the bearish trend on the chart, otherwise the pair will again revert back towards the resistance trend line.