Looking at that "rising trendline" on the daily. Euro has broken, and stayed below this trend line for a while now. Pretty sure with trendlines are broken and close for a period of time below them it becomes resistance.
EUR/USD – Falling Channel vs. Rising Trendline
Falling Channel: The EUR/USD has been falling from 1.3710 throughout February, reaching a low of 1.3144 to end last week (2/22). The latest downswing cracked a rising trendline that goes back to July. However, instead of clearing it, the market consolidated around it to end the previous week. To start this week, the EUR/USD is pushed back above the trendline, and there appears to be a minor bottoming effort as we get into the 2/25 US session. Still the falling channel is holding structure with bearish momentum. If the 4H RSI reading pops up above 60, and price pops up above 1.34, then we are likely to have a breakout from the falling ... (full story)
- Posted: Feb 25, 2013 10:10am
- Submitted by:Category: Technical AnalysisComments: 6 / Views: 1,560