Yellow lines- expanding triangle pattern
EURUSD is trading around 1.0720. Despite making a new lower low at 1.0517 last week, price has bounced and is now challenging recent highs. Price has formed an expanding triangle pattern. Price has made no real progress since the end of February. Short-term resistance is found at 1.0760. Support is now at 1.0495. The RSI is moving closer to overbought levels as it approaches recent highs. A rejection around 1.0760 could lead to a decline towards 1.05 and lower. Traders need to be cautious.
