Technical analysis of EUR/USD for July 26, 2018
The market in EUR/USD is a quiet one for the last couple of sessions as price remains trapped inside the triangle pattern. The market has held this stance because most traders wait for the ECB meeting today and the press conference by ECB president Mario Draghi.
Black lines – triangle pattern
Blue lines – RSI triangle pattern
The EUR/USD is trading right below the upper triangle boundary resistance right now. Short-term traders could try a short at current levels as the price is giving a great risk-reward if prices fall after the ECB press conference. If not, the stop level is very close. Be careful today for fake breakouts. The press conference is very important and keeps in mind the 1.1750-1.1760 and 1.16 price levels. The safest strategy is to wait until after the press conference to decide to go long or short this pair.