EUR/USD on crossroads

EUR/USD is consolidating within a ascending triangle chart formation. This is a continuation pattern but this time it could be broken to the downside. If the currency pair breaks below 1.4395 the measured target is 1.3750. The bulls will not throw the towel without fight and another attempt for restoring of the trend is possible with first resistance @ 1.4590 and 1.4660. If the support @ 1.4395 is broken the next downside targets are 1.4360, 1.4310 and 1.4120.

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This entry was posted on February 10th, 2008 and is filed under Technical Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or Trackback from your own site.