Fulcrum reversal pattern at lows | 06 November 2013
06 November 2013, EUR/USD
EUR/USD is currently in a sideways consolidation. It has reached the range highs and it may begin falling from here back down to the 1.3445 lows. Short-term trend is in doubt given the recent sharp down-turn. Pivotal resistance at the lows could be a game-changer – if broken leading to a major bearish move the the early 1.3000s – if held supporting a resumption higher. There is a bullish fulcrum reversal pattern clearly seen on the P&F chart which indicates the possibility of a break higher. If price move above the 'neckline' at 1.3525 then this would confirm an upside break to 1.3645. Lack of U.S data could favour the euro.
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