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Fulcrum reversal pattern at lows

Fulcrum reversal pattern at lows | 06 November 2013

06 November 2013, EUR/USD

EUR/USD is currently in a sideways consolidation. It has reached the range highs and it may begin falling from here back down to the 1.3445 lows. Short-term trend is in doubt given the recent sharp down-turn. Pivotal resistance at the lows could be a game-changer – if broken leading to a major bearish move the the early 1.3000s – if held supporting a resumption higher. There is a bullish fulcrum reversal pattern clearly seen on the P&F chart which indicates the possibility of a break higher. If price move above the 'neckline' at 1.3525 then this would confirm an upside break to 1.3645. Lack of U.S data could favour the euro.
Fulcrum reversal pattern at lows
Mark Satcher
Analyst of «FreshForex» company
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