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Alert - EUR/USD again testing resistance

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Alert - EUR/USD again testing resistance

Postby Himanshu » Wed Oct 14, 2015 11:27 am

During the previous EUR/USD chart alert which was titled as "Alert - Some more upside favored for EUR/USD", we had mentioned that we expect some more upward movement. Well, the title itself captured that and there was no need to repeat it - but then, when you are hitting the keys of a keyboard, sometimes you tend to hit more keys then required ;).


To refresh the memories we have been mentioning about a triangle pattern within another triangle pattern during the past couple of alerts.

The price action is now testing the final resistance i.e. the resistance line of the outer ascending triangle.

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The high point, till now, has been 1.1427. The action is now in the territory of the psychological ranges of 1.1500 and we would say that this resistance need attention. In fact in one of the previous alert at http://www.forexabode.com/forum/forex-alerts-observations-watch-outs/alert-eur-usd-descending-triangle-with-ascending-one-t5579.html we had mentioned about a resistance in the range of 1.1425 to 1.440. We still stand with that. However, 1.1470 level may also be tested, considering the recent action.

For short-term we stay neutral but overall we are bearish to expect some deeper moves.
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Re: Alert - EUR/USD again testing resistance

Postby Sininfinity » Thu Oct 15, 2015 4:53 am

On weekly candle there is no sign of weakness and the whole candle is bullish. I think it will break the triangle upside.
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