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.
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Good Luck with your technical trading.
Tomasz Gdynia
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.
ReplyDeleteContinuing instability, with downward pressure heavier on the $ for the next few weeks.
In my humble opinion, of course...
I wish I knew more about economics since I am a business student yet my focus has never been on economics.
ReplyDeleteSmart man over here, appreciate the information
ReplyDeleteInteresting stuff, i will take a further look at it later. +1 follower
ReplyDeleteAlways was really interested in economical stuff. Let's hope I'll learn something from you!
ReplyDeleteSo interesting.
ReplyDelete