FXstreet.com (Barcelona) - The Euro Dollar, as well as the rest of the majors, has been moving in a narrow range for the last hours and the cross is now inside a triangle pattern, according to Mohammed Isah, technical analyst at FXTechstrategy: "Having maintained a trading range between the 1.2330 level, its YTD low, and the 1.3259/98 levels, its Oct 30'08 high/Oct 10'08 low ,a symmetrical triangle has now formed and a break either way within the mentioned range is now envisaged."

In Isah's opinion, a break t5o the downside is likely: "Our overall bias remains for the pair to break below its recent medium term low at 1.2330 from its present consolidation activities exposing the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) and the 1.1827 level, its Mar'06 low. Its daily studies are pointing lower supporting this scenario."