# EUR/USD: Ascending Triangle (July 22, 2013)

Source: https://www.tradersway.com/resources/market-info/eur-usd-ascending-triangle-july-22-2013/
Language: en
Updated: 2013-07-22

EUR/USD is still stuck in consolidation for now, with an ascending triangle pattern forming on its 1-hour time frame.



An upside breakout could signal that the pair is headed all the way up to the previous high around 1.3400 while a downside break could mean that EUR/USD will be on its way to test the former lows around 1.2750 again.



Stochastic is in the overbought region, suggesting that a downward move might be more likely as euro bulls are running out of steam. However, the oscillator has yet to cross down before the sell signal is confirmed.



![EUR/USD: Ascending Triangle (July 22, 2013)]



There are no major reports on deck from the euro zone today but the US will be releasing its existing home sales report. A strong figure could trigger enough dollar buying to push EUR/USD below the bottom of the triangle, but the upcoming reports for the week could be more crucial in sustaining momentum.



*By Kate Curtis from Trader’s Way*