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Alert - Some more upside favored for EUR/USD

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Alert - Some more upside favored for EUR/USD

Postby Himanshu » Fri Oct 09, 2015 7:37 am

Just for the ready reference, yesterday we had mentioned that a descending triangle pattern had emerged inside and ascending one on EUR/USD charts and the price was testing the resistance line of the inner triangle. Yesterday's weekly chart is here once again:


That resistance continued for a day but then there was a breakout. The following chart shows only the inner triangle on the daily chart:


Some resistance is still expected near 1.1330 but a break of that should bring further gains towards the next resistance zone of 1.1360 to 1.1380.

Please note that such moves are still considered to be corrective moves and overall bearish outlook remains intack. Please refer to the monthly chart posted on a chart alert on September 28, 2015 in this forum. For ready reference the chart is here once again but do check that post also:

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