novvoll12
Long

EURUSD – Breaks out of consolidation to eye higher

FX:EURUSD   Euro Fx/U.S. Dollar
38 0 1
EURUSD             1.1369 – bullish – Breaks out of a 6-week triangle and a 3-week rising channel, points higher

EURUSD             rallied strongly Friday (October 9, 2015) to break out of a 6-week triangle and then a 3-week rising channel (as shown on the daily chart ), suggesting further bullish momentum near term. The next upside resistance is 1.1459 (September 18, 2015 high) near 61.8% of the 1.1713/1.1086 fall. Above there would open 1.1560 (August 26, 2015 high) near 76.4% of the 1.1713/1.1086 fall. The two resistance levels houses the falling trendline from May 5, 2014 peak. The 1.1267 area (October 9, 2015 low) should support dips. However, back below 1.1267 would signal a fake breakout and prolong the range-bound action towards 1.1234 (October 8, 2015 low) and 1.1171(October 6, 2015).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
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