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10-16-2012, 06:13 AM
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EURUSD: Strengthening On A Double Bottom Pattern.
EURUSD: Although the pair is trying to bottom out, it will have to break and hold above the 1.3073 level to confirm its double bottom pattern now in place. This will open the door for a run at the 1.3171 levels. Above here will resume its broader uptrend towards the 1.3282 level where a violation will call for a move further higher towards its weekly ema at 1.3415 level. Conversely, except this scenario plays out, the risk of a return to the 1.2824 level cannot be ruled out. This level is key as a break and hold below here could push EUR deeper towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. If broken, expect further declines to develop towards the 1.2625 level. All in all, EUR faces further upside threats.
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Mohammed Isah Technical Strategist info@fxstrategy.com www.fxtechstrategy.com Note: This is an excerpt from The Professional Suite, our most popular service, a daily 7 currency model technical research package. Get More Information This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report. 
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