EURUSD PRICE ACTION ANALYSIS - TRIANGLE PATTERN TO BE FORMED FOR DIRECTION
9 October 2015, 07:11
W1 price is located below 200 period SMA (200 SMA) and below 100 period SMA (100-SMA) for the primary bearish market condition with secondary ranging between 23.6% Fibo resistance level at 1.1498 and Fibo support level at 1.0807:
The price is floating near 50.0% Fibo level at 1.1260 for crossing from below to above and from above to below.
Symmetric triangle pattern was formed by the price to be crossed for direction.
"The Euro remains locked between the narrowing boundaries of a Triangle chart pattern as prices await a clear-cut directional spark. Prices lost momentum after hitting a seven-month high against the US Dollar in late August and have been unable to find lasting follow-through since."
"Triangle top resistance is now at 1.1269. A daily closeabove this barrier clears the way for a challenge of the September 18 high at 1.1459. Alternatively, a dropbelow Triangle floor support – now at 1.1117– opens the door for a test of rising trend line set support set from mid-March, currently at 1.1018.