EURUSD 1.1271 – neutral – Form an 8-day rising channel within a 6-week triangle
EURUSD remains holding above the 1.1104 support area (September 22, 2015), forming an 8-day rising channel within a 6-week triangle (as shown on the daily chart).
The 1.1318 level (October 2, 2015 high) near the crossing point of the rising channel/triangle resistances is crucial. An upside break through there would suggest basing and strengthen towards 1.1459 (September 18, 2015 high) near the 16-month falling trendline (from May 14, 2014 high).
However, if the 1.1318 area manages to cap, a downside reversal below 1.1134 (October 1, 2015 low) would signal a channel breakdown and below 1.1104 would signal a triangle breakdown, which would be double bearish, risking 1.1016 (August 18, 2015 low) near 6-month rising channel support. Below there would risk the 1.0832 equality target (linking 1.1713-1.1086 from 1.1459).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
EURUSD remains holding above the 1.1104 support area (September 22, 2015), forming an 8-day rising channel within a 6-week triangle (as shown on the daily chart).
The 1.1318 level (October 2, 2015 high) near the crossing point of the rising channel/triangle resistances is crucial. An upside break through there would suggest basing and strengthen towards 1.1459 (September 18, 2015 high) near the 16-month falling trendline (from May 14, 2014 high).
However, if the 1.1318 area manages to cap, a downside reversal below 1.1134 (October 1, 2015 low) would signal a channel breakdown and below 1.1104 would signal a triangle breakdown, which would be double bearish, risking 1.1016 (August 18, 2015 low) near 6-month rising channel support. Below there would risk the 1.0832 equality target (linking 1.1713-1.1086 from 1.1459).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
