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


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.
Mark Satcher
Analyst of «FreshForex» company
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