Forex: EUR/USD Lifts to 1.3380 After Triangle Breakout

on Jun 18, 2013

The discernible symmetrical triangle pattern was broken to the upside yesterday, with the pair reaching a high at 1.3380, failing to test Thursday’s high at 1.3388 and starting to decline. Asian trading today brought the pair to 1.3324 and currently the quote is at 1.3350. The pair has found support at the upper line of the triangle figure and jumped upwards, above the 61.8 percent retracement of 1.3709 to 1.2742 at 1.3339.

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The daily candles have started to close near the opening price, indicating a weakening trend. A bearish outlook is also supported by the MACD indicator, which is pointing down on the daily chart.
In the event of a rise, the price may meet resistance at the 1.3360, 1.3385 and 1.3415 levels and should the pair descend, 1.3305, 1.3290 and 1.3250 may offer support.


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