Thursday, June 25, 2009
Huge Descending Triangle on EUR signals significant breakout to the downside
by Johan Kriek (jkriek@fxinstructor.com) Hi there fellow traders! Below follows my latest view on the EUR/USD: After all the Head and Shoulders, wedges and all sorts of patterns we have been seeing lately, a DESCENDING TRIANGLE might be at hand here. Look at the charts below:
and..
Now, if the 1st and 2nd supports are violated and confirmed, the target for this possible downmove would be 1.3260 For more info on Descending Triangles, have a look below:
Well, once again, these are patterns and only indicate the direction of highest probability. I would only act when a breakout is truly confirmed but I must say I like what I see here If you have any questions, pop me an email or come and say hi in the Live Trading Room Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading |
