Technical analysis of EUR/USD for July 30, 2018

The EUR/USD pair remains inside the triangle consolidation. Price held above 1.16 triangle support and bounced towards 1.1660. As we explained in last week's analysis, selling near resistance (1.1730) and buying near support (1.16) so far has paid as the risk reward ratio was in our favor with a tight stop. This will work as long as price is inside the triangle.

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Black lines - triangle pattern

Blue lines - RSI triangle pattern

Both price and the RSI are inside triangle patterns. We look for clues in the RSI to break up or down from the triangle. Short-term resistance is at 1.1725. Support remains at 1.1615. Traders with moderate aggression should better wait for a breakout before opening any position in this pair. Patience is key. The space inside the triangle is getting smaller for price to move. This week we will have a breakout.

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