Tuesday, October 23, 2012

EUR/USD Technical Analysis - October 23, 2012

EUR/USD Technical Analysis - October 23, 2012

EUR/USD pair, after rebounding to 1.3024 support level, slowly moves up towards 1.3115 resistance zone and forms a triangle pattern with an uptrend line since October 1st and the horizontal upper line at 1.315/35. 

The triangle pattern usually brakes through the upper horizontal line with a strong impulse. This idea is also supported by the daily and weekly technical indicators and RSI, which holds a value of 56 and still not indicates about an overbought situation. Read more