EUR/USD Price Analysis: Narrowing price range on the hourly chart

• EUr/USD prints lower highs and higher lows on the hourly chart. 
• Daily chart indicators favor a downside break of the hourly chart triangle pattern.

EUR/USD is consolidating in a symmetrical triangle pattern on the hourly chart. 

A move above the upper end of the triangle, currently at 1.1842, would confirm the triangle breakout and open the doors to resistance at 1.1833. 

Alternatively, a range breakdown, if confirmed with a move below 1.1805, would imply a continuation of the drop from the Aug. 18 high of 1.1966 and yield a deeper pullback to 1.1711 (Aug.12 low). 

The 14-day relative strength index has dived out of an ascending trendline, representing an uptrend from March lows. The slow stochastic indicator is also signaling bearish conditions with a below-50 print. 

As such, the hourly chart symmetrical triangle is more likely to be breached to the downside. 

Hourly chart

Trend: Bearish

Technical levels