EURUSD descending triangle
The euro is coming under slight downside against the US dollar on Wednesday ahead of the ECB policy meeting tomorrow, which is the main weekly event for EURUSD traders. In the short-term, a descending triangle pattern has formed, which shows the 1.1100 level as a potential upside target. The pattern also highlights the 1.0960 level if a bearish breakout below the 1.1000 level occurs.
The EURUSD pair is only bearish while trading below the 1.1000 level, key support is found at the 1.0960 and 1.0940 levels.
The EURUSD pair is intraday bullish while trading above the 1.1050 level, key resistance is found at the 1.1100 and 1.1130 levels.