Wednesday, September 9, 2009

EUR/USD False Breakout?

Daily chart shows the consolidation channel's top range being challenged.

Technically it looks like a Ascending Wedge which usually resolves into a steep drop. With the non-convincing price action of Gold around the $1000 figure it hints we might have a false breakout. However I remain on watch for what goes next:

it's either 1.4550 or 1.1.4350 that would give direction.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _

here is an alternative charting view - a parallel channel with projected Resistance top around 1.46. However I keep in mind the market made 3 Up-days and might need a recess. Again a break of 1.4550 or 1.4350 would clear this case.

No comments:

Post a Comment