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Trending higher - 1.3860 resistance eyed

Trending higher - 1.3860 resistance eyed | 25 October 2013

25 October 2013, EUR/USD

The up-trend continues and will probably extend further. It has just reached resistance from an old minor trend-line at 1.3840 and is consolidating a little. It may pull-back to support from the top of an old triangle pattern at 1.3790, however, the dominant short-term trend is expected to resume afterwards. The next target higher is at resistance at 1.3860 or the count generated from the lowest column of 'O's in the recent triangle pattern to 1.3880, or somewhere in-between. Given there are no signs of weakness in the trend and no resistance yet there is no reason to expect the up-trend to stop now or reverse.

Trending higher - 1.3860 resistance eyed

Mark Satcher
Analyst of «FreshForex» company
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