### EUR/USD Key Points
- Massive, daily descending triangle.
- Price has broken through higher time frame support and pulled back.
- Now testing previous support as resistance on the intraday charts.
EUR/USD Technical Analysis
I've shared this huge EUR/USD descending triangle on Twitter not that long ago and being such a higher time frame setup, the pair is well and truly still in play.
Here are the two charts that show what I'm talking about:
First up, we take a look at the higher time frame, daily chart and the huge descending triangle.
While the breakout lower through horizontal support hasn't been a clean one, it rarely is on these types of long term setups.
Just have a bit of a play around with where you draw your horizontal support from and you'll see that there is a bit of subjectivity here.
I've drawn it as above because the most significant breakout lower, came when it went through that particular support level.
Higher time frame levels always y ultimate trading direction and as price has remained below higher time frame support, I'm more inclined to be looking to trade the pair from the short side.
Secondly, zoom into the intraday, hourly chart.
If you tick back to the left of your chart, you can see the price action where price has traded on both sides of the horizontal zone, but has definitely still respected it.
This is highlighted by the previous two, clear rejections as price retested the zone as resistance.
This becomes a nice intraday zone to manage your risk around and with FOMC Minutes being released later on during the NY session, we're most likely going to get a move.
If it's to the downside, the technicals suggest that it could well be a nice one.
Best of probabilities to you!
Dane.
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