Wednesday, November 12, 2008

The breakout and the breakdown

USD index gave a convincing break yesterday as it closed above the triangle being formed on the daily graph. Euro pierced its triangle support yesterday and closed below it marking a significant bearish pattern which may now extend to 1.23 for short term or might stretch to 'at par' levels against the USD. Price action may see some test of resistance and support levels in Euro and USD index respectively but it may enter a strong move in few days.

Take a look at the breakout -

No comments:

Post a Comment