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Good day ladies and gents of FX trading! In today’s forex feature is the daily canvas of the EURUSD pair a.k.a the “fiber”. The last time I posted on this was when it broke out from the bullish symmetrical triangle formation (kindly see this) and made a new 10-month high at 1.4248.
Well, well, well. The EURUSD pair or the fiber as what traders call it in the streets appears to have broken out from a rectangle or consolidation. You see, the had been trending up from a low of 1.1876 last June 7 to a high of 1.3334 in August before correcting. All along I thought that the pair would already reverse but it did not.
Good day to you my Forex friends! Here’s an update on the EURUSD or the fiber as what they call it on Wall Street. The last time I covered the pair (please see my previous post here), it had just broken down from a head and shoulders formation. Since then, the pair has rallied to form what appears to be a rising wedge pattern.
What’s up forex peeps?! Welcome to another day of forex trading! We have the EURUSD in today’s fx pick. As you can see from its 4-hour chart, the EURUSD or the fiber came crashing in yesterday’s trading. After reaching a new 3-month high just above 1.3300. , the euro slid, breaking the pair’s uptrend line in the process.
Another Down Move Seen on the Euro – June 12, 2010
Based on the fiber’s (EURUSD) daily chart, it looks like that the euro is poised for another fall against the greenback. As you can see, the pair has rallied back above 1.2100 after hitting a low of 1.1876 when it broke down from a descending triangle formation. Though if you notice, the triangle’s former support is now acting as a resistance that is preventing the pair from moving higher.