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Consolidating; upside bias

Consolidating; upside bias | 15 October 2013

15 October 2013, EUR/USD

Despite the lengthy sideways consolidation of the last 3 weeks EUR/USD is still overall in a short-term up-trend, which will eventually probably continue. The recent break higher above the down-sloping trend-line was a recovery sign, however, it has run out of steam before reaching its 1.3655 target. There has now been a pull-back and we could get a deeper correction, even to as low as 1.3505 perhaps. However there is an up-side bias with prices expected to troll higher and eventually reach 1.3655.
Consolidating; upside bias
Mark Satcher
Analyst of «FreshForex» company
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