Tuesday, September 21, 2010

Rising Triangle (2010-09-21 EUR analysis)



EUR was climbing over the past 2 weeks. We can see that it was following a rising triangle, and it almost reach the corner. The next resistance level is at around 1.320, which is the intersaction of fibs level and the lime upper line. If Euro breaks the triangle, it would probably break the last high too, which is at 1.33 due to the power of the triangle.

MACD and EMA are having whipsaw pattern, and just gave a bullish signal as MACD just crossed the signal line from underneath. I am bullish on EUR and expect it would break the triangle and surge even further.

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