Resistance just above for EURUSD
With the top of “the pipe” just above at 146.32, we’ll have to see if we are in for counter-trending price action and — today aside — a continuation toward smaller ranges, or a breakout toward 150.00. Given so many of the markets recent records regarding failed break-outs, it seems more likely that we see a continuation of the current saw-tooth pattern.
For a further description of “the pipe” see: http://trading-u.com/blog/index.php/archives/756
Jay Norris
800-971-2154
jnorris@brewerinvestmentgroup.com
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Looks like a rising wedge/channel formation, also visible on the weekly. Quite often it will overshoot the UTL 100 or so pips, give or take. I think you are correct Jay. We may just see more of the “current saw-tooth pattern”. My finger on the sell trigger is getting itchy. It’s hard to sell after a strong move, the chart certainly suggests we may see a move down.
thanks Fazz!
I like the use of this Long-Term Fibonacci study. The longer the term, the better picture and the clearer our veiw of the overall market we are trading. Prices are certainly at the top of the “Pipe” now.
Waiting to see what price actions will tell us where this pair is going to do – But keeping in mind the historical false breakouts as a pattern in the picture.