EUR/USD analysis: Revealed ascending triangle pattern

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On Tuesday, the EUR/USD currency pair revealed an ascending triangle pattern.

From a theoretical point of view, it is likely that the exchange rate could continue to trade downwards within the predetermined pattern within the following trading session.

Meanwhile, note that the rate could gain support from the 55– and 100-hour SMAs in the 1.1860 area. Thus, the pair could break the upper pattern line at 1.1900 and try to exceed the weekly R1 at 1.1926.