EUR/USD In a Tight Range

EUR/USD has been very patient in following the long-term triangle pattern. The pair has been narrowing its range for more than a year. The consolidation move started in May 2014 when the price of the EUR/USD was 1.40, now more than 2 years and 300 points later the price is 1.11 with a low below 1.05.

Finally, the pair has reached the end of the narrowing triangle and is about to choose whether it will go South or North.

One thing is for sure, 1.12 remains in history as the make it or break it level. The pair has been gravitating towards 1.12 since it came to a halt after the big drop from 1.40.

Current market price is now 1.1133 and today we have the Euro-Zone ZEW Survey (Economic Sentiment) (OCT) which can bring some volatility in the market.

Chart: EUR/USD D1