Monday, October 15, 2012

EUR/USD 1D Chart Double Top - October 15, 2012

EUR/USD 1D Chart Double Top - October 15, 2012


EUR/USD is signaling for depreciation and has formed a Double Top pattern on the 1D chart. The pattern has 43% quality and 78% magnitude in the 64-bar period.
The pattern started on 24th of July, 2012, when pair started appreciating from 1.2042; at the moment pair is trading at 1.2973. Technical indicators on aggregate point at appreciation of the pair suggesting we might see formation of Triple Top or Rectangle pattern. 54% of all pending orders on the pair are to buy. Long traders could focus on weekly pivot (R1)/Bollinger band at 1.3025/43, pattern's top (5th of October) at 1.3072, weekly pivot (R2) at 1.3116 and pattern's top (18th of September) at 1.3173.  Read more