Saturday, 2 July 2011

EUR/USD Symmetrical Triangle Formation.

EUR/USD Symmetrical Triangle Formation. 

In the recent days we could observe a choppy price action on the foreign exchange market. The support and resistance levels have created a symmetrical triangle. Although, symmetrical triangles are categorized as continuation paterns I will wait for a break out of one of the trend lines or for a further confirmation in order to take a short position.

I will not forecast the support and resistance levels on this occasion and instead wait for the price action to develop further. 

If you have any questions please do not hesitate to contact me and remember to subscribe for more forex news.


Good Luck with your technical trading.

Tomasz Gdynia

7 comments:

  1. Both EUR & US$ are really unstable right now - i don't think either support or resistance levels can be predicted until the crises (US Congress/debt ceiling and in Europe the Ireland/Spain/Greece debt fiasco) are closer to a resolution.
    Continuing instability, with downward pressure heavier on the $ for the next few weeks.
    In my humble opinion, of course...

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  2. I wish I knew more about economics since I am a business student yet my focus has never been on economics.

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  3. Smart man over here, appreciate the information

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  4. Interesting stuff, i will take a further look at it later. +1 follower

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  5. Always was really interested in economical stuff. Let's hope I'll learn something from you!

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