finitemonk

WHY THE EURUSD ISN'T LEAPING UPWARD

FX:EURUSD   Euro / U.S. Dollar
81 0 0
I hope this chart is reasonably self explanatory. S = support R = resistance (apologies for the slight misalignment of the less steep blue line - on my chart it's perfectly parallel!)

Having beautifully stepped up through the current small fork the pair has support from it's
median line , classically nudging up over it, and broken out the wedge top there is strong resistance
from a pair of historical support lines, the main one running up approx 30 degrees or so. It wil have
to break through both to rise significantly.

That's not to say it won't, but watch for the bumps down, or indeed failure. Watch for a potential
head and shoulders forming. Each shoulder and head roughly around the three R's
Remember H&S are often angled into the fork lines.
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