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Continuing to consolidate ahead of data

Continuing to consolidate ahead of data | 14 November 2013

14 November 2013, EUR/USD

The EUR/USD has broken higher, moving out of its triangular formation, rising above the 45° trend-line and seemingly beginning a potential reversal from bear to bull. There is strong resistance at the 1.3495 highs, however, which is preventing the pair from continuing higher. The short-term trend is still predominantly bearish, but recent moves have been the opposite – giving mixed signals. Overall a move down to 1.3425 is the most probable outcome. A break below 1.3385 would signal a possible move down to the 1.3295 lows. A break above the 1.3550 level would confirm a reversal back to a bull trend. GDP data out today could cause some strong moves.

Continuing to consolidate ahead of data

Mark Satcher
Analyst of «FreshForex» company
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