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EUR/USD continues respecting the symmetrical triangle

EUR/USD continues trading within the symmetrical triangle (narrowing channel) on the hourly chart discussed yesterday.

The pair strengthened its grip on downtrend resistance with a move to challenge it. The line held well. Here is how it looks on the chart:

EURUSD continuing to trade in a narrowing channel symmetrical triangle hourly chart May 8 2013

After the strong German factory orders yesterday, Germany’s industrial production is now in the limelight. For more, see the Euro to dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.