Triangle Completing | 11 October 2013
11 October 2013, EUR/USD
The longer-term trend is up and remains so as long as 1.3465 holds.
The pair has formed a triangle which currently appears to be breaking out to the upside. The most recent bullish column higher is threatening to break above the trend-line. If we get a clear break above the trend-line - signalled by a clear move out of the triangle and above 1.3545, or, for more certainty, by a double top buy pattern, it will indicate a new breakout rally, with a target of 1.3655.
Alternatively a breakout below the triangle, signalled by a move below 1.3505 would target the former count lows at 1.3450 again. A move under the 1.3490 lows would be a strong indicator the larger trend was now bearish, however, a move below the consolidation pattern lows of 1.3465 would give even stronger trend reversal signal.
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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.
