Falling within consolidation | 10 October 2013

10 October 2013, EUR/USD

The 5-pip point and figure chart of EUR/USD shows prices currently falling in a short-term down-trend. The downside count lies at 1.3450 as illustrated on the chart below and I would expect prices to fall to there. This is also close to the 'neckline' for the consolidation pattern at the highs and so I would expect price to pause there and maybe even bounce. The larger consolidation pattern has the potential for a down-side break eventually, however.
Falling within consolidation
Mark Satcher
Analyst of «FreshForex» company
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