EUR/USD
EUR/USD is forming ascending triangle, which is continuation pattern and favors upside break with measured target 1.6460. The momentum oscillator is warning that the uptrend is exhausted and needs deeper correction. If the pair breaks below 1.5340 a double top formation will be completed with target 1.4780.
At this point probably the technical factors are not so important for the EUR/USD. The next direction of the market will be determined by the battle between the Russians and Asians with the Eurozone officials (including ECB). Very important will be G7 meeting at the end of the next week. As usual some ECB members start to realize that the strong EUR is not good for the European economy. How long will take for the mining engineer JC Trichet to realize that the weak dollar is one of the main reasons for the higher inflation? Probably no one knows.
