Strategy 04 December 2013 |
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EUR/USD remains within confines of the rising wedge pattern. This offers resistance at 1.3635 today and support at 1.3492. We continue to view the pattern as a potential rising wedge pattern and a close below 1.3492 will complete it. We look for the 1.3295/94 zone to be retested (current November low and the 50% retracement of the move up from July).
A close below 1.3492 will target initially 1.3229 then the 61.8% retracement at 1.3166. If we utilise the move down from October and measure down a move of equal magnitude, this would offer a potential longer term target of 1.2892.
Above 1.3650, will allow for another run up to 1.3750, 1.3833 which is expected to provoke failure.
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