EUR/USD moves higher to near 1.0770 after a decisive break of the Hammer candlestick formation on a daily timeframe. The broader trend remains sideways amid a Symmetrical Triangle formation that exhibits a volatility contraction.
Last week, the major currency pair rebounded after finding strong buying interest near the upward-sloping border of the Symmetrical Triangle formation near 1.0666, which is marked from the 3 October 2023 low at 1.0448. The downward-sloping border of the above-mentioned chart pattern is plotted from 18 July 2023 high at 1.1276. The Symmetrical Triangle formation exhibits a sharp volatility contraction, which indicates low volume and narrow ticks.
The major currency pair remains below the 200-day Exponential Moving Average (EMA) near 1.0790, suggesting that the overall trend is bearish.
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