# EUR/USD Descending Triangle (May 8, 2013) Source: https://www.tradersway.com/resources/market-info/eur-usd-descending-triangle-may-8-2013/ Language: en Updated: 2013-05-08 Description: Explore EUR/USD Descending Triangle (May 8, 2013). EUR/USD is. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EUR/USD is slowly edging closer and closer to the 1.3000 major psychological support again as the pair has formed lower highs on its 1-hour chart. In fact, it has created a descending triangle pattern on the same time frame. For now, there are no major reports due from the euro zone, which explains why the pair is currently stuck in a consolidation pattern. The lack of data could keep the pair inside the triangle, with some opportunities to scalp off the top or the bottom of the formation. ![EUR/USD Descending Triangle (May 8, 2013)] Only the medium-tier German industrial production report is due from the region today and this report is projected to print a 0.1% decline, which is a disappointment compared to the previous 0.5% uptick. A weaker than expected reading could push EUR/USD to test the bottom of the descending triangle or even make a breakdown, depending on the actual result. Stochastic, however, is suggesting a potential bounce back up as it is currently pointing north. Aim for the top of the triangle for a day trade or the previous highs around 1.3100 for a longer-term setup. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eur-usd-descending-triangle-may-8-2013/#primary", "url": "https://www.tradersway.com/resources/market-info/eur-usd-descending-triangle-may-8-2013/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eur-usd-descending-triangle-may-8-2013/", "headline": "EUR/USD Descending Triangle (May 8, 2013)", "inLanguage": "en", "datePublished": "2013-05-08T11:07:46+00:00", "dateModified": "2013-05-08T11:07:46+00:00", "articleSection": "Market Info", "description": "Explore EUR/USD Descending Triangle (May 8, 2013). EUR/USD is. 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