Forex: EUR/USD: Euro, consolidation above 1.3550, forming a triangle pattern

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Published: Thu, 14 May 2009 09:18:00 +0200

Forex: EUR/USD: Euro, consolidation above 1.3550, forming a triangle pattern

FXstreet.com (Barcelona) ? The Euro, which has been consolidating between 1.3550 and 1.3585 during Thursday?s Asian session, is shaping a triangle pattern on the hour5ly charts, according to Tim Salem, collaborator at FXstreet.com.

Salem affirms that the Euro is trading into an ever-narrowing pattern off 1.3532 daily dynamic support: ?Hourly Consolidation continues as Price now attempts to Breach an Hourly Symmetrical Triangle/Wedge Formation coming off of 1.3532 Daily Dynamic Support. Upside Directionality sees 1.3569 Static Support followed by the 1.3589 Hourly 20SMA and the Daily pivot at 1.3625.?

On the upside, Salem observes: ?1.3685 Daily Static Resistance is needed to for Clearance of the 1.3721 Dynamic Resistance High for an Hourly Double-Top Formation.?

By Fxstreet.com

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