Continuation pattern forming | 21 October 2013
21 October 2013, EUR/USD
The EUR/USD pair has rallied up to just under the 1.3710 highs and has started to consolidate.The sideways consolidation is probably a continuation pattern, which will eventually break higher. The up-side target at 1.3685 has been met, but 1.4125 is another possible count higher, calculated from the 0.0025 box chart. There is the possibility of a correction back to 1.3625 but then the pair is expected to continue higher. A break above 1.3710 – the old highs – would add confirmation the trend higher was extending, to perhaps 1.3900. Markets may be quite subdued ahead of Non-Farm Payrolls tomorrow.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
