01 July 2011

EUR/USD : Watch Triangle

  • Triangle = continuation pattern. 
  • Weekly : Upper edge of triangle is at 1.4550 this week.
  • Daily : Same triangle zoomed. Breakout point today is at 1.4531. We are testing it now.
  • 2 prong trade : Do half on daily break today (still 4 hours to close). Other half tomorrow (Fri) night if we close the week above 1.4550.
  • [Also, recall comeback plan. USDX near to breaking down also, after false intra-week upside break. The false break is what will make the down move that much more powerful later on. Wait for it.]
  • Addendum (01Jul11 12:35 pm) : Above 1.4696 for the EUR/USD is where things get really interesting. Because then we would have formed higher highs and higher lows. Note also the triangle (not broken yet, don't rush in, we could just as easily top out around here and go back down for another leg of the triangle) upside objective is around 1.5390.

1 comment:

Taichiseal said...

Break on daily chart not confirmed last night. Today the chartpoint is lower at 1.4521.