10 Feb 2014
Flash: EURUSD, break of 1.37 allows 1.3815 - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, the EUR/USD has potential to target higher levels.
Key Quotes
"After rejecting 3x off the key 1.3815 resistance level, the pair sold off a few hundred pips, but has since entered a structured channel."
"What is interesting to note is the pairs inability to gun straight for the range bottom at 1.3320, which would have been more in keeping with the larger range."
"Closing bullish 4 of the last 5 days after the false break suggests the bulls may be building up positions for an upside breakout. If they can take out the 1.37 swing highs, then the key resistance at 1.3815 will be under attack."
Key Quotes
"After rejecting 3x off the key 1.3815 resistance level, the pair sold off a few hundred pips, but has since entered a structured channel."
"What is interesting to note is the pairs inability to gun straight for the range bottom at 1.3320, which would have been more in keeping with the larger range."
"Closing bullish 4 of the last 5 days after the false break suggests the bulls may be building up positions for an upside breakout. If they can take out the 1.37 swing highs, then the key resistance at 1.3815 will be under attack."