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Consolidating on support

Consolidating on support | 05 November 2013

05 November 2013, EUR/USD

EUR/USD has bounced at the recent 1.3450 lows. The pair will probably continue consolidating along the line of support for a while, during which process it may rise up as high as 1.3565. The break of the 1.3465 lows was a major reversal sign providing stronger evidence that the up-trend had reversed. The bear trend is expected to resume once the sideways consolidation ends, with a break below 1.3425, signalling a break down to 1.3270, possibly even lower.
Consolidating on support
Mark Satcher
Analyst of «FreshForex» company
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