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Morning technical analysis – 15 May 2014
The sell-off in the euro may have only just begun, despite having fallen more than 3 cents against the dollar (300 pips) since failing to break 1.40 a week ago. Yesterday’s gains appear to have been nothing more than a brief period of consolidation, with the triangle that formed being a bearish continuation pattern. The break below this has sent the pair through the neckline of the double top that formed over the last few months, which based on the size on the formation could prompt a move towards 1.34, a level that would coincide with the 200-week SMA. It is worth noting that only a close below the neckline would ... (full story)